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Analyzing and recording merchandise transactions-both buyer and seller L.O. P1, P2 On May 11, Smythe Co. accepts delivery of $35,000 of merchandise it purchases for resale from Hope Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping point. The goods cost Hope $23,450. When the goods are delivered, Smythe pays $450 to Express Shipping for delivery charges on the merchandise. On May 12, Smythe returns $1,800 of goods to Hope, who receives them one day later and restores them to inventory. The returned goods had cost Hope $1,206. On May 20, Smythe mails a check to Hope Corporation for the amount owed. Hope receives it the following day.
1.Prepare journal entries that Smythe Co. records for these transactions. Date General Journal Debit Credit May 11 Purchased merchandise on credit. Paid shipping charges on purchased merchandise. May 12 Returned unacceptable merchandise. May 20 Paid balance within the discount period.
thibodeaux limousine corporation is trying to determine a predetermined manufacturing overhead. estimated overhead for
Prepare journal entries for the following transactions for Zenco Co.
What is the danger in allocating common fixed costs among product lines or other segments of an organization?
question a machine is purchased by making payments of 5000 at the beginning of each of the next five years. the
In 2012, Firm A paid $50,000 cash to purchase a tangible business asset. In 2012 and 2013, it deducted $3,140 and $7,200 depreciation with respect to the asset. Firm A's marginal tax rate in both years was 35 percent. a. Compute Firm A's net cash low..
13,000 shares of common stock with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair market value of $810,000, of which $180,000 has been allocated to land and $630,000 to buildin..
The use of fair value to report assets
Michael Porter is another faculty member at the Harvard Business School. His work is the foundation of how businesses develop and manage competition and strategy.
Evaluate the factors that help to determine that market value of stock. Consider the factors that are most relevant to today's economy and list three (3) that impact the market value the most.
Mikor has an account payable of 7,700$ due to Smiley Inc. one of its suppliers. The amount was due to be paid on October 15, 2007. Use the horizontal model, or write the journal entry to show the effect of :
Show journal entries for Demi being admitted into the partnership.
Accounts receivable of $138,000 were collected includingaccounts of $40,000 on which 2% sales discounts were allowed. Prepare all journal entries necessary to reflect the transactions above.
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