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Q1. On June 1, the first day of operations, Candy Company purchased $1,000 of sweet merchandise inventory for cash. On June 10, Candy sold on credit all of the merchandise with a markup of 25% on cost. Prepare the general journal entries to record these two transactions assuming Candy uses (A) a perpetual inventory system and (B) a periodic inventory system.
Q2. Johnson Company purchased $10,000 of merchandise inventory on credit, terms 3/10, n/30. Johnson uses a periodic inventory system.
1) Prepare the general journal entry to record the cash payment for the purchase assuming a discount was received and the gross method of recording purchase discounts is used.
2) Prepare the general journal entry to record the cash payment for the purchase assuming the discount was forfeited and the net method of recording purchase discounts is used.
Suppose that the price of a stock is $50 at the beginning of a year and $53 at the end of the year, and it pays a dividend of $2 during the year. Calculate the stock's current yield, capital-gains yield, and the return.
suppose in 2010 the cost of a market basket of goods was 2001. in 2012 the cost fo the same amrket basket of goods was
Consider the log-linear model 0 1 1 2 2 ln(Y) β0+ β1X1+ β2X2 + u Suppose you think that the value of β2 (the effect of X2) was not constant, but rather increased when X1 increased.
The owner of an Italian restaurant has just been notified by her landlord that the monthly lease on the building in which the restaurant operates will increase by 20 percent at the beginning of the year.
A bank has $100 million in assets. 50% of the assets are interest sensitive. It has $80 million in liabilities of which 70% are interest sensitive. What would happen to bank's profits if the interest rates were to go up by 2%
You have decided to purchase a small tract of land for building a new home on the outskirts of town. You have some money available but need a loan of $18,000 to make the purchase. The land will be owner-financed over 4 years with end-of-year payme..
The US market requires hardcover books with a marginal costs of $24.00 while the overseas market is normally served with soft-cover texts having a marginal cost of only $18.00.
(1)Suppose a firm produces and sells its output at $38 per unit, in what market is such a firm operating (2)Determine the economic capacity of the firm in part(1) if the firm's total cost function is TC(Q)=40Q-2Q2 +0.5Q3
A Man is planning to retire in 20 years. He can deposit money for his retirement at 6% compounded monthly. It is estimated that the future general inflation rate will be 5% compounded annually. What deposit must be made..
In order to produce the wheels themselves, Pramble would have to add to existing facilities at a cost of $800,000. It estimates that its unit cost of production would be $3.50. At the current time, the company sells 10,000 carriages annually.
calculate the V(gdp) using the velocity formula. All given is a LRAS graph with the following information derived from the graph Real GDP = 9 trillion and Price level = 3; Furthermore The AD line intercepts the x axis at 18 trillion and the y axis ..
you have purchased an equipment costing $20,000. the equipment will be used for two years, and at the end of two years, its salvavage value is expected to be 10,000. the equipment will be used for 6,00o hours during the first year
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