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On February 5, 2010, Tropical Connection Company, a garden retailer, purchased $25,000 of seed, terms 2/10, n/30, from Midwest Seed Co. Even though the discount period had expired, Lydia DeLay subtracted the discount of $500 when she processed the documents for payment on March 16, 2010. -Discuss whether Lydia Delay behaved in a professional manner by subtracting the discount, even through the discount period had expired. -What would you do? -How should Midwest handle this payment and the irregular use of the discount?
Make the necessary adjusting journal entries at December 31, 2007, and December 31, 2008 to record depreciation for each year under the following depreciation methods: (a.) Straight-line. (b.) Double-declining-balance
Calculate the predetermined overhead rate using direct labor costs as the allocation base. Calculate the predetermined overhead rate using machine hours as the allocation base. Which of the allocation bases is preferred? Why?
Write journal entries for the following transactions that occurred at Woodside Company during the month of May and explain how each would be disclosed in Woodside's financial statements.
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
If you purchased a new model of a digital camera right after it is released, you will likely pay more than if you purchase it six months after release. Explain why this is an example of price discrimination on the part of the firm.
Why is essential that the planning functions of controllership can help an organization effectively and efficiently achieve a goal?
Given the following data, manke, in good form, an income statement for the Dental Drilling Company as of December 31, 2003.
The company requires a minimum pretax return of 12% on all investment projects. The net present value of the proposed project is closest to:
Pace Corporation had a taxable income of $300,000 in 2010. They had a taxable income of $1,200,000 in 2011. What is their federal income tax liability for the company for each year?
Write a memorandum to Bob explaining the tax consequences of the incorporation. As part of your memorandum examine the possibility of having the corporation issue common and preferred stock and debt for the shareholder's property and money.
Jose purchased a house for $300,000 in 2008. He used the house as his personal residence. In March 2011, when the fair market value of the house was $250,000, he converted the house to rental property. What is Jose's cost recovery for 2011?
The trial balance of Fink Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment, indicate
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