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Diamond Beauty supply Shop projects the following sales:
April - $75,000May - $95,000June - $100,000
Seventy percent of Diamond Beauty Supply shop sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February sales were $60,000 and March sales were $70,000. In the past Diamond Beauty Supply shops' bad debt percentage has been 0 and is expected to continue.
a) Prepare a monthly schedule of cash receipts for April-June.
b) What is the balance of Receivables at the end of June?
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From this information, compute the equivalent units of production for direct materials and conversion costs for the month. Use the FIFO costing method.
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The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
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The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Given these facts, the number of units of product in the beginning inventory last year must have been:
Prepare an ending 1998 Income Statement and Balance Sheet from the following information: Sales $800,000; Cost of Goods Sold $300,000; Accounts Receivables $20,000; Bonds Outstanding $160,000; Accounts Payable $20,000; Advertising Expense $1,000; ..
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2011, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. Determine ..
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