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Q. Explain about delivery expense?
When shipping goods FOB destination freight prepaid the seller is accountable for and pays the freight bill. For the reason that the seller cannot bill a separate freight cost to the buyer the buyer shows no entry for freight on its books. The seller though has undoubtedly considered the freight cost in setting selling prices. The following entry is necessary on the seller's books
While the terms are FOB destination the seller records the freight costs as delivery expense this selling expense appears on the income statement with other selling expenses.
Acid test ratio = 2.5, current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share holder''s fund = 15,00,000 Stock inventory =? Bank overdraft =? Share capital =
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After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400, and Allowance for Doubtful Accounts has a balance of $11,90
Q. Example of Statement of retained earnings? Statement of retained earnings The statement of retained earnings as you remind is a financial statement that summarizes the trans
1. Shaving 5% of the estimated direct labor hours in the predetermined overhead rate will result a high overhead rate, which would likely result a high credit balance of overapplie
Q. Dividends paid to owners? Stockholders' equity is (a) improved by capital contributed by stockholders and by revenues earned through operations and (b) decreased by expenses
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Q. Modifying conventions on Materiality? The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however
Using the data from the Dell Computer annual report determine how Dell calculated the four days' supply of raw materials. Do you think four days'supply is a valid
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