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Truffles Company purchased merchandise on account from a supplier for $6,500, terms 2/10, net 30. Truffles returned $1,500 of the merchandise and received full credit. Truffles Company paid for the merchandise within the discount period.
Under a perpetual inventory system, record all of the journal entries required for the above transactions
Northwest paid freight charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. What is ending inventory assuming Northwest uses the gross method to record purchases?
Compute the total cost per ton of ore mined in the first year. (Show computations by setting up a schedule giving cost per ton.)
Explain how a company chooses a taxable year. What do you think the taxable year for the following businesses would be:
Rampart Hospital has total variable costs of 90% of total revenues and fixed costs of $50 million per year. There are 50,000 patient-days estimated for next year. What is the average daily revenue per patient necessary to breakeven?
If the bonds are converted into common, what is the amount of paid-in capital in excess of par to be recorded on the conversion of the bonds?
Due to an increase in labor rates, the company estimates that variable costs will increase by $3 per ball next year. If the expected change in variable costs takes place, how many balls will have to be sold next year to earn the same net operating..
What are the different types of dividends that corporations may issue? When should a corporation pay dividends? Would you prefer a stock dividend or a cash dividend? Why?
Ritz-Carlton is a management company for the underlying hotel owners. If the Ritz-Carlton Laguan Niguel had an unfavorable variance from budget greater than 5% allowed and greater than the othe rhotels, then the most probably cause for the shortfa..
A garden store prepares various grades of pine bark for mulch: nuggets, mini nuggets, and chips.The following table gives information regarding the different requirements.
Calculate the amount of the asset and liability of Lotus Company at the inception of the lease. (Round to the nearest dollar.) Prepare a table summarizing the lease payments and interest expense.
The bonds are convertible into 30 shars of Haas $5 par value common stock for each $1,000 worth of bonds. On 12/31/08, after the bond interest has been paid, $20,000 face value bonds were converted. The market value of Haas common stock was $44 pe..
Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2011-2014. Deferral, for book purposes, of $25,000 of rent received in advance. The rent will be earned in 2011.
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