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Presented below are two independent situations.
a. On January 6, Arneson Co. sells merchandise on account to Cortez Inc. for $9,000, terms 2/10, n/30. On January 16, Cortez Inc. pays the amount due. Prepare the entries on Arneson's books to record the sale and related collection.
b. On January 10, Mary Dawes uses her Pierson Co. credit card to purchase merchandise from Pierson Co. for $9,000. On February 10, Dawes is billed for the amount due of $9,000. On February 12, Dawes pays $5,000 on the balance due. On March 10, Dawes is billed for the amount due, including interest at 2% per month on the unpaid balance as of February 12. Prepare the entries on Pierson Co.'s books related to the transactions that occurred on January 10, February 12, and March 10.
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Describe how these entries would be recorded in a computerized acconting system. Describe 1 ethical issue that could result from preperation of these manufacturing entries.
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The Fashion Statement Inc. distributed perfumes and cosmetics.The following account changes were made in the company's accounting records during March. For each item, describe the transaction that caused the changes. The first item has beencomplet..
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During the year, ABC LP generated a ($90,000) loss. How much of Sue's loss is disallowed due to her tax basis or at-risk amount?
In completing his Federal income tax return for both 2004 and 2005, Chester intends to file as head of household and to claimHeloise as his dependent. Comment on the propriety of what Chesterplans to do.
What are Lily's taxable income and tax liability for the year?
lion corporation manufactures several types of accessories. for the year the gloves and mittens line had sales of
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