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Brarin Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:Sales are budgeted at $360,000 for November, $380,000 for December, and $370,000 for January.Collections are expected to be 50% in the month of sale, 49% in the month following the sale, and 1% uncollectible.The cost of goods sold is 85% of sales.The company would like to maintain ending merchandise inventories equal to 75% of the next month's cost of goods sold.Payment for merchandise is made in the month following the purchase.Other monthly expenses to be paid in cash are $23,300.Monthly depreciation is $21,200.
Mr. Hines spent the entire 6200 on tuition, books and supplies. What amount must Mr. Hines include in his income for 2010
For each error, indicate (a) whether the trial balance will not balance (b) the amount of the difference and (c) the trial balance column with the larger amount. Consider each error separately. Use the following form, in which error 1 is given as ..
On November 8, 2003, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
Texas has just passed a law making it mandatory to have every head of cattle inspected at least once a year for a variety of communicable diseases.
The corporation makes annual payments to the trustee, who invests the proceeds in securities (frequently government bonds) and uses the accumulated total to retire the bond issue at maturity.
operating leases differ from capital leases in that for a capital lease the lessee records the lease payments as rent
Which of the following internal controls most likely would reduce the risk of diversion of customer receipts by an entity's employees?
A corporation issues $100,000, 10%, 5-year bonds on January 1, 2009, for $104,200. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortization of bond premium, the amount of bond interest..
assume that an investor lends 100 shares of jiffy inc. common stock to a short seller. the bid-ask prices are 32.00 -
what are the components of a budget? are they the same for every organization? why or why not? should every
What accounts are debited and credited to record a partner's cash withdrawal in lieu of salary and what accounts are debited and credited to record the division of net income among partners?
concordia industries collected 105711 from customers in 2014. of the amount collected 27955 was from revenue accrued
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