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A company allows its customers to use bank credit cards to charge purchases. When customers use the credit cards, the net amount is deposited in the company's checking account. The company also is charged a 2.5% service charge for these credit card sales. Assume that on April 13, the company sold $25,000 worth of merchandise to customers who used credit cards. Prepare the company's journal entry to record the credit card sales for April 13 assuming the company deposited the receipts that same day.
If Charming Confections Company charges each division 12% for capital employed, compute residual income for the Peanut and Plain divisions. Compute the ROI for each division.
Fred deals with more than one supplier and often places orders for multiple items at the same time. Fred takes inventory and places orders every Monday.
Heathlands will use a three-year straight-line method. In the 2005 consolidated income statement, the depreciation expense:
The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in 4 yearly instalments of $10,000 plus interest. What is the amount of ordinary income to be reported from the s..
A garden store prepares various grades of pine bark for mulch: nuggets, mini nuggets, and chips.The following table gives information regarding the different requirements.
What is the Conventions on Contracts for the International Sale of Goods (CSIG)? What is the Uniform Commercial Code (UCC)? In what ways is the coverage of the CSIG and the UCC similar or different? Explain your answer in 200 words
For consolidation purposes, does the direction of the transfers (upstream or downstream) affect the balances to be reported here? Prepare a consolidated income statement for the year ending December 31, 2004.
$10,000,000 face value, serial bonds repayable in 40 equal semi-annual installments of $500,000, which includes coupon payments and repayment of principal, for 20 years, priced on the market to yield 6% compounded semi-annually. Round your answer ..
On October 31, a company's Cash account had a normal balance of $7,000. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. What was the balance in the Cash account at the beginning of October?
Profit, charges, and break-even without and with overhead. A number of years ago, at the request of its employees, Jack Winslow and Company converted one of its small rooms to house a small pharmacy for its employees in which they can buy a few po..
Describe three kinds of transactions that will result in paid-in or permanent capital in excess of legal or stated capital.
Refers to the establishment of a new accounting and reporting basis in an acquired company's parent's financial statements. Is where the purchase price is "pushed down" on the acquirer's financial statements and used to restate the carrying value of..
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