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Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $1,500 per month, has just purchased a new BMW. You decided to test the accuracy of the accounts receivable balance of $82,000 as shown in the ledger.
The following information is available for your first year in business.
(1) Collections from customers $198,000(2) Merchandise purchased 320,000(3) Ending merchandise inventory 90,000(4) Goods are marked to sell at 40% above cost
Instructions
Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.
Carleton Service Center just purchased an automobile hoist for $14,947. The hoist has a 5-year life and an estimated salvage value of $1,410. Compute the payback period for the new hoist.
At May 5, 2011, MacDougal's common stock was quoted at $34 per share, and the patent had a carrying value of $55,000 on Masset's books. MacDougal should record the patent at.
the controller of a small private college is complaining about the amount of work she is required to do at the
Financial statements are prepared in accordance with what? What governing bodies set accounting standards? Why do you think financial statements are required to be prepared using the same standards?
Journalize the transactions for Tammy Company - Exchanged Jim's account receivable for a four-month, 8% note for $3,500.
Write a brief explanation about why the directors' duty to prevent insolvent trading exists and the circumstances and consequences of the 'veil of incorporation' being lifted for insolvent trading.
The HMO proposes a capitated per member per month (PMPM) premium to the hospital to provide services to their members. What would the break-even premium be?
write a 750- to 1050-word paper in apa format including citations and references summarizing your ideas about internal
Three years ago, Ralph purchased stock in White Corporation for $40,000. The stock has a current value of $5,000. Ralph needs to decide which of the following alternatives to pursue. Determine the tax effect of each.
Briefly define and explain the purpose of the balance sheet, income statement and statement of changes in equity. In your answer you should include the linkages between each.
East Coase Cleaners borrows $10,000 for 90 days and pays $210 interest. What is the effective rate of interest if the loan is discounted?
Vertical analysis for both companies- you may use your calculations from the checkpoint ratio, vertical, and horizontal analysis, providing you show your work. horizontal analysis for both companies you may use your calculations from the checkpoin..
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