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1.On October 6, 2013, the Elgin Corporation signed a purchase commitment to purchase inventory for $60,000 on or before March 31, 2014. The company's fiscal year end is December 31. The contract was exercised on March 21, 2014, and the inventory was purchased for cash at the contract price. On the purchase date of March 21, the market price of the inventory was $54,000. The market price of the inventory on December 31, 2013, was $56,000.The company uses a perpetual inventory system.Required:1. Prepare the necessary adjusting journal entry (if any is required) on December 31, 2013.2. Prepare the journal entry to record the purchase on March 21, 2014.
wyco company manufactures toasters. for the first 8 months of 2011 the company reported the following operating results
A company's 2010 income statement reported total sales revenue of $1,200,000; accounts receivable increased by $25,000 and the unearned revenue account decreased $15,000 during 2010. How much cash was collected from customers during 2010?
benito company began the year with owners equity of 175000. during the year the company recorded revenues of 250000
valencia industries is considering purchasing a machine that will produce plastic kitchenware. the machine would be
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dna corporation issued 4000000 in 8 percent 10-year bonds on february 1 2010 at 115. semiannual interest payment dates
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If Forda depreciates the logging roads on the basis of timber cut, determine the depreciation expense for 2014.(Round answer to 0 decimal places, e.g. 1525.) If Forda plants five seedlings at a cost of $4 per seedling for each tree cut, how should..
ABC Company reported net income of $24,000 on gross sales of $110,000. The company has total assets of $215,000, of which $120,000 is property, plant, and equipment. What is the company's return on investment?
the robinson company has the following current assts and curent liabilities for these years
on april 5 2012. orange company purchased and placed in service seven-year class assets costing 70000 and five-year
stephen bosworth a super salesman contemplating retirement on his fifty-fifth birthday decides to create a fund on an 9
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