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On June 24, 2012, Reed Company sold merchandise to Emily Clark for $75,000 with terms 2/10, n/30. On June 30, Clark paid $39,200, receiving the cash discount on her payment, and returned $10,000 of merchandise, claiming that it did not meet contract terms.
Assuming that Reed uses the perpetual inventory method, record the necessary journal entries on June 24 and June 30. The cost of merchandise to Reed Company is 60% of its selling price.
Prepare an amortization schedule for the four-year term of the lease, the journal entry for the first lease payment on December 31, 2011, and the journal entry for the third lease payment on December 31, 2013.
for 2010, ford corporation reported net income of $15000, net sales $200000; and average share outstanding 6000. there were no preferred stock dividends. what was the 2010 earnings per share?
Identify which segments are significant enough to warrant disclosure in accordance with FASB No. 131, "Reporting Disaggregated Information about a Business Enterprise," by applying the following quantitative tests:
What are the advantages of acquiring the majority of the voting shares of another company rather than acquiring all of its voting stock?
In 2004, Parrot Company sold land to its subsidiary, Tree Corporation, for $12,000. It had a book value of $10,000. In the next year, Tree sold the land for $18,000 to an unaffiliated firm. Which of the following is correct?
Which of the following represents the shares currently in the hands of investors?
At the beginning of November Manny Co. had $600 worth of supplies on hand. During the month of November Manny Co. purchased $2,100 worth of supplies. On November 30, Manny Co. counted supplies and found that $1,600 remained on hand. What is the ap..
If the company decides to use 40% debt what is the new cost of equity? Note, the company's marginal tax rate is 35%. (Hint: calculate the levered beta and then re-calculate the cost of equity with that.)
Hippo, Inc., a calendar year C corporation, manufactures golf gloves. For 2010, Hippo had taxable income (before DPAD) of $800,000, qualified domestic production activities income of $950,000, and W-2 wages related to qualified production activiti..
Dirt Bike Co in Japan has a division that manufactures two-wheel motorcycles. Its budgeted sales for Model G in 2003 is 800,000 units. Dirt Bike's target ending inventory is 100,000 units, and its beginning inventory is 120,000 units.
The Warner Corporation has gross income of $560,000. It has business Expenses of $325,000, a capital loss of $20,000 and $2,500 of interest income on temporary investments. What is the corporation's taxable income?
Second Baptist would start a church school. And Baker would open a car dealership. If you are the financial adviser for the school district, which offer would you prefer? Why?
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