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On June 30, Petrov Co. has $ 128,700 of accounts receivable. Prepare journal entries to record the following selected July transactions. Also prepare any footnotes to the July 31 financial statements that result from these transactions. (The company uses the perpetual inventory system.)
July 4 Sold $ 7,245 of merchandise ( that had cost $ 5,000) to customers on credit.
9 Sold $ 20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee.
17 Received $ 5,859 cash from customers in payment on their accounts.
27 Borrowed $ 10,000 cash from Main Bank, pledging $ 12,500 of accounts receivable as security for the loan.
Hilltop sells its rock climbing shoes worldwide. Hilltop expects to sell 4000 pairs of shoes for $165 each in January and 2,000 pairs of shoes for $220 each in February. All sales are cash only. Prepare the sales budget fro January and February. S..
(FIFO and LIFO) Harrisburg Company is considering changing its inventory valuation method from FIFO to LIFO because of the potential tax savings. However, the management wishes to consider all of the effects on the company, including its reported ..
Companies around the globe are using social media to connect with their customers.
The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 22,000 machine-hours and incur $264,000 in manufacturing overhead cost. The follow..
fairfax company uses weighted-average process costing to account for its production costs. direct labor is added evenly
thome company uses a flexible budget for manufacturing overhead based on direct labor hours. variable manufacturing
Please describe audit tests that you would perform for additions and retirements to fixed assets and depreciation expense (one for each category). Does it make a difference if the company does an annual physical inventory of assets?
Identify an internal control method
On January 1, 2010, the Cromwell Company adopted a defined benefit plan for its employees. All the employees are the same age, retire at the same time, and have the same life expectancy after retirement. The following are the relevant facts concernin..
jounalize transaction without explanation... a company paid 700 due for supplies previously purchased on account
reliable enterprises sells distressed merchandise on extended credit terms. collections on these sales are not
Comparative balance sheets at the end of 2010 and 2011, the company's first two years of operations, follow. (Notice that the balances at the end of the current year appear in the right-hand column.) Prepare a worksheet for a statement of cash flows...
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