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The Alpha Company purchased $2.5 million of merchandise on account. A & A products gives terms of 1%, 10 days, Net 20. A&A Products believes that alpha will take the discount if the discount is equal to at least an 16% return. A&A Products use the net method to record sales. The transaction was not recorded by A&A products. Assume 360 day year. Alpha paid five days past the discount period. Make any necessary entries or adjustments that are needed
Your posts are very good and state that management should focus on the success of the business rather than managing income to their benefit. This gets into ethics, where if you keep doing the right thing you will reap the benefits with bonus's and..
Using the perpetual system, costing by the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on September 30?
Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important.
A company reports sales revenue of $200 million the current year and $180 million last year. Their total assets in the current year are $150 million and last year's total assets were $130 million. What is the current year's asset turnover ratio?
Which product or products should be sold at the split-off point and which product or products should be processed further? Show computations.
The following information is available from Gray Co.'s accounting records for the year ended December 31, 2010 (amounts in million):
If the demand for 'catnip' increases: A. The supply of 'catnip' must have gone up B. The incomes of cat owners must have gone up.
1. How much warranty expense should the company report in 2011 for this computer? 2. How much is the warranty liability for this computer as of Dec 31, 2011?
ratio calculations for Current ratio for Plunkett Co. and for Herring Co,Acid Test ratio for Plunkett Co. and for Herring Co Accounts Receivable ratio for Plunkett and for Herring Co
Discuss and consider tax rates, distributions, operating losses and A and B shareholder loans under each alternative and Discuss and analyze the cases of Moline Properties and Roubik (set forth in Bittker , Chapter 1.05(1)(b) and Chapter 1, foot..
A corporation had 50,000 shares of $20 per value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:
If total fixed costs are $50,460, how many games need to be sold in order for the company to break-even?
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