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October 1999: E&P has an arrangement with schools and non-profits that E&P will provide a 3% volume discount to its customers if they purchase at least $10,000 in products during one month. On October 1, 1999, E&P has made sales of $7000 to San Quentin University (SQU). In the previous two months, E&P sold over $23,000 to SQU. If SQU fails to make the discount threshold, what entry will E&P have to make upon forfeit of the discount.
Determine the pension liability/asset to be recorded and determine the 2012 amortization of the net gain.
Discuss d oes your client have a liability that should be recorded at December 31? Prepare a journal entry(ies), if required, to reflect any accounting adjustment required. Assume a perpetual inventory system is used by your client.
Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. Which should he choose for his investment?
Purpose a reconciliation of Master Budget Operating Income, Flexible Budget Operating, and Actual Operating income. and evaluate Master Budget Operating Income
our past records show that sales are made at approximately 25% over cost. Garnett's insurance covers only goods owned. Instructions Compute the claim against the insurance company.
Explain the production process and the product or service and show the different production departments you think would be involved in the process.
Affects the bank or book side of bank reconciliation and (ii) represents an addition or a subtraction in bank reconciliation
Recording Journal Entries - Lightning Fast Computer Company recently began operations and had the following transactions related to common stock. Prepare journal entries for each transaction.
Multiple choice question based on share valuation and Assume the stock pays no dividend and ignore interest on margin.
Classification of Cost in Direct material, Direct labor, Overheads etc - Research and development costs incurred by Thomas, manufacturer of derailleurs, brakes, and other component parts for bicycles in its efforts to develop new products.
Determined that general and administrative overhead was $246 million. Transferred 70 percent of the materials purchased to jobs (work) in process. Completed work on 55 percent of the jobs in process. Costs are assigned equally across all work in proc..
For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. Find out the price of the bonds at January 1, 2011.
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