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On September 1, Hydra purchased $9,500 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $200. Payment for the purchase was made on September 18. Assuming Hydra uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as inventory from this purchase?
Common stockholders are most concerned with the spread between the return generated onnew investments and the investors required rate of return
What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method.
In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization's financial records and three to recording tapes of newspapers and magazine articles.
Derivative accounting: What are the disclosure requirements for traditional and derivative financial instruments? Should companies disclose if such instruments are used for hedging or speculation? Why?
The company applies overhead on the basis of 125% of direct labor costs. Calculate the amount of over- or underapplied overhead.
Len Mast earned $3,900 for the last two weeks. He is married, is paid biweekly, and claims 3 exemptions. What is Len's income tax? Use the percentage method.
Explain some disadvantages of Cliff's current investment approach. Construct a portfolio for Cliff, limiting your selections to mutual funds (assume that he sells his current stock and bond holdings). Make sure your plan indicates specific dollar a..
In 2012, Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As result of these sales, $1,000 is subject to income tax.
Write a 200- to 300-word description of the four time value of money concepts: present value, present value of an annuity, future value, and future value of annuity.
A check drawn by a depositor in payment of a voucher for $925 was recorded in the journal as $295. What entry is required in the depositor's accounts?
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
Can you give an example of what this number may look like by using the income statement of a real-life company?
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