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Suppose Company A sells shoes that are manufactured by Company B. Company A and Company B made an agreement that Company A would sell at a minimum, 610 pairs of shoes every three months. To help encourage Company A to sell more of Company B’s shoes, Company B will pay Company A an extra $10 per pair of shoes that are sold above the minimum 610 per three months. This extra $10 per pair of shoes sold above the minimum amount agreed upon is known as vendor allowance.
Let’s say Company A from above ended up selling 790 pair of shoes from April 1, 2005 to July 1, 2005. Within these three months Company A sold 180 pair of shoes over the minimal agreed upon amount of 610. Company B pays in cash $1,800 (vendor allowance) to Company A for the additional amount of shoes Company A sold. What would the journal entry look like?
Record the depreciation for the one-half year prior to the sale, using the straight-line method and record the sale of the equipment.
The unrealized loss of $61,650 previously recognized as other comprehensive income and as a separate component of stockholders' equity is now determined to be other than temporary. That is, the company believes that impairment accounting is now a..
What kinds of problems can this company (or any company) avoid by properly managing its debt?
Calculate the par value per share of preferred stock and determine the preferred stock dividend percentage and calculate the amount that should be shown on the balance sheet for common stock at June 30, 2013.
Martin received $120,000 in salary from Red Steel Corporation, where he is a construction engineer. Withholding for Federal income tax was $10,750. Martin and Michele received $800 in qualified dividends on Green, Inc. stock and $400 interest on Mont..
You are analyzing KKP Private Limited and you have collected the following information. KKP operates 7 nurseries and provides landscaping services to the condominiums in Korea. It started in the year 2000 and its revenues have grown at a compounde..
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Requirements for declaring dividends Knight, Inc., expects to incur a loss for the current year. What factors will determine whether or not the board can declare a dividend?
Give the appropriate journal entries for Lester Company through 31 st December, 2009. Based on the above lease contract, answer the following:-Item(s) and related amount(s) in years 2008 and 2009 reported on:1. Income Statement 2. Balance Sheet 3. S..
Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation in which it holds a 10% interest. Cardinal also receives interest income of $35,000 from municipal bonds. After these items are taken into account..
After the adjusting entry, the December 31, 2005, what is the balance in the Uncollectible Accounts Expense?
If total liabilities decreased by 25,000 during a period of time and stockholders’ equity increased by 30,000 during the same period, the amount and direction (increase or decrease) of the periods change in total assets is? Which of the following fin..
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