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Cinnamon Buns Co. (CBC) started 2016 with $52,800 of merchandise on hand. During 2016, $293,000 in merchandise was purchased on account with credit terms of 4/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $10,200. Merchandise with an invoice amount of $2,800 was returned for credit. Cost of goods sold for the year was $310,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method?
Post the journal entries to general ledger accounts. Prepare journal entries, in good form, to record the May transactions. Explanations are optional.
Which incentives do managers have to act in the stockholder's interest? Name two and explain each in one or two sentences.
Markum Enterprises is considering permanently adding $100 million of debt to its capital structure. Markum's corporate tax rate is 35%.a. Absent personal taxes, what is the value of the interest tax shield from the new debt?
Grace is self-employed sales consultant who spends significant time entertaining potential customers. She keeps all the appropriate records to substantiate her entertainment. She has the following expenses in the current year: What is the tax-deducti..
Evaluate Kat's bank reconciliation. What adjustments, if any, does she require to make in her checkbook?
Moving Company purchased goods for resale from Pancake Party INC. on December 29, year 1. Terms of purchase were FOB Destination, 2/10, n/30. The gross purchase amount was $12,000, the goods arrived on January 2, year 2, and Moving Company paid the n..
Calculate the flexed budget and the key variances between budgeted and actual results. Reconcile the original budget and present the relationship between the budgeted and the actual profit for the month November.
Calculate the amount of dividends Dragoon paid using the information given. Prepare a statement of cash flows using the indirect method.
Purpose Smart Toys income statement performance report for 2009, including both flexible budget variances and sales volume variances.
The assistant treasurer of Monroe Tires. INC is trying to determine what the appropriate cash return level should be. The company's cash balances have been fluctuating widely because of unpredictable and wide-ranging receipts and disbursements. What..
The employee has offered to settle the lawsuit out of court for $900,000, but Steel will not agree to the settlement - In its December 31, year 2 balance sheet, what amount should Steel report as liability from lawsuit?
Total production of 1,000 units of finished goods required 3,900 actual hours at $12 per hour. The standard is 4 hours per unit of finished goods, at a standard rate of $11 per hour. Which of the following statements is true?
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