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The Ruiz Corporation, which owns a chain of specialty shops, has recently begun to accept credit cards. On March 1, 2014, Ruiz made a credit card sale of $5,200 to a customer. The credit card company charges a fee of 3%.Which of the following answers correctly describes the effect on Ruiz's financial statements of the collection of cash from the credit card company?
What will likely happen to the stock price, should the board repurchase market shares of the company stock? What effect would these transactions have on the equity section of the financial statements?
Historically, warranty expenditures have been equal to 4% of sales. Total sales for the year were $650,000. Actual warranty repairs made during the year totaled $29,000.
A 15% increase in production will result in: A) a 15% increase in the variable cost per unit B) a 15% increase in total mixed costs C) a 15% increase in total manufacturing costs D) a 15% decrease in total variable costs
A transportation company is paid in the month of May for delivering a truckload of goods, although it actually delivers it in June. What effect will there be on the financial statements if the correct adjusting entry is not made?
The following calendar year information about the Tahoma Corporation is available on December 31: The company applies overhead on the basis of 125% of direct labor costs. Calculate the amount of over- or underapplied overhead
question 1. tco a platypus building inc. won a bid for a new office building contract. below is info from the project
backgroundperformance drinks llc is owned by dave n. port. performance drinks produces a variety of sports centered
job 137 was started and completed during the year. what price would have been charged to the customer if the job
On January 1, 2010, West Co. exchanged equipment for a $400,000 zero-interest-bearing note due on January 1, 2013. The prevailing rate of interest for a note of this type at January 1, 2010 was 10%. The present value of $1 at 10% for three periods..
On February 1, 2007, Aubrey Company sold its five-year, $1,000 par value, 9% bonds, which were convertible at the option of the investor into Aubrey Company common stock at a ratio of 10 shares of common stock for each bond.
At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries Payable and Salaries Expense after posting the reversing entry.
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries?
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