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1. Jansen Corporation shipped $20,000 of merchandise on consignment to Gooch Company. Jansen paid freight costs of $2,000. Gooch Company paid $500 for local advertising which is reimbursable from Jansen. By year-end, 60% of the merchandise had been sold for $21,500. Gooch notified Jansen, retained a 10% commission, and remitted the cash due to Jansen. Prepare Jansen's entry when the cash is received.
Leon Wight, a newly hired loan analyst, is examining the current liabilities of a corporate loan applicant. He observes that unearned revenues have declined in the current year compared to the prior year. Is this a positive indicator about the cl..
pacific products inc. completed and transferred 55000 particle board units of production from the pressing department.
What are the limitations of historical cost accounting? Why is it desirable to remeasure assets and liabilities subsequent to acquisition?
Describe the role that the winner's curse may play in the underpricing of IPOs
Apply the inventory costing methods of specific identification, weighted average, FIFO, and LIFO by using a periodic system.
The tax liability from the tax return is $750,000. Prepare the journal entry to record income taxes for Prince Charming's first year of operations. Show well-labeled computations.
slick corporation is a small producer of synthetic motor oil. during may the company produced 5000 cases of lubricant.
ilana industries inc. needs a new lathe. it can buy a new high-speed lathe for 1.7 million. the lathe will cost 52000
1. Dividends may be declared and paid in cash or stock. 2. Cash dividends are not a liability of the corporation until they are declared by the board of directors.
cincinnati flow technology cft has purchased 10000 pumps annually from kobec inc. because the price keeps increasing
The Allowance for Bad Debts account had a balance of $5,300 at the beginning of the year and $6,100 at the end of the year.
Prepare the January 1 & December 31 general journal entries for Frick Company. How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
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