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Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used. Information related to installment sales for 2016 and 2017 is as follows:
2016 2017 Sales $300,000 $400,000
Cost of sales 180,000 280,000
2017 sales - 150,000 2016 sales 120,000 100,000 Customer collections on:
Required:
Describe how managerial accounting is different from cost accounting and describe the lean production philosophy.
Use textbooks or Internet sources for information on the format and contents of a statement of cash flows. To complete this problem, you may wish to use the Excel template provided in the resources.
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At Christmas, Samantha gave each of her three nephews Christmas gifts of an additional $5,000 in cash. Illustrate what is the amount of the taxable gifts, if any, made by Samantha this year?
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balance in parchments investment in silky account.onnbspjanuary 1 2009 parchment co. owned 85 of the common stock of
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Provide the entry to record the collection of these amounts. Provide the entry to record the payment of the sales taxes to the appropriate governmental unit. Provide the entry to record the billing of these amounts.
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