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A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to April 10 of 2014.
Beginning inventory on Jan. 1 $ 45,000Net purchases from 1/1 to 4/10 252,000Net sales from 1/1 to 4/10 378,000Normal gross profit percentage 37%
Estimate the amount of merchandise destroyed in the fire using the gross profit method:
CPA Smith completed an accounting engagement for the ACME Company on December 20, 20X1, and sent ACME a bill for $5,000 which ACME paid on January 25, 20X2. CPA Smith uses the cash basis of accounting
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Setting discount rates are too high due to fear of future rates tends to bias decisions against making strategic investments.
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