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Botanic Choice sells natural supplements to customers with an unconditional right of return if they are not satisfied. The right of returns extends 60 days. On February 10, 2014, a customer purchases $3,000 of products (cost $1,500). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the return of $200 of merchandise includes a
a. credit to Refund Liability for $200.
b. credit to Returned Inventory for $100.
c. credit to Estimated Inventory Returns for $100.
d. debit to Estimated Inventory Returns for $100.
Without calculation, order the present values of the bonds from high to low under the constant interest rate of 7%. Hint: Your explanation is crucial because we require no calculation. Calculate the present value of the bonds under the constant inter..
indicate the manner in which the above transaction should be reflected in the Current Liabilities section of Carson Company’s December 31, 2007 balance sheet.
Assume that a company issues a bond at 92 having a face value of $5,000 and a coupon interest rate of 6%. The bond pays interest annually and has a five-year-maturity time frame, and bonds of similar risk are currently paying interest rates of 8%.
A $4,000 computer to be used 100% for business located in his home. Illustrate what depreciation methods are available for the automobile and computer?
Bradley Corporation issued 10,000 shares of common stock on January 1, 2013. The stock has par value of $0.01 per share and was sold at $25 per share. The journal entry for this transaction would: Which of the following statements is TRUE about a bon..
crabtree inc had additions to retained earnings for the year just ended of 625000. the firm paid out 130000 in cash
Calculate the book value of a three-year-old machine that cost $360,000, has an estimated residual value of $40,000, and has an estimated useful life of four years. The company uses straight-line depreciation. (Do not round intermediate calculations...
Mohave Corp. makes several varieties of beach umbrellas and accessories. It has been approached by a company called Lost Mine Industries about producing a special order for a custom umbrella called the Ultimate Shade (US). Compute the incremental pro..
computation of net income from given data.use the following information to calculate the companys accounting net income
question 1. the building authority was prepared by the city and organized as a separate legal entity. the authority is
Based on this information what is the cost base of the property to Susanne? Support your answer with reference to appropriate authority.
Why would a company decide to change its depreciation, depletion, or amortization method? What are some circumstances that could cause an asset to become impaired?
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