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Journalize these transactions, first on the books of Arnold Drug Stores and second on the books of Gerson Pharmaceuticals. Assume both companies use the periodic inventory system.
The following transactions occurred between Gerson Pharmaceuticals and Arnold Drug Stores during June of the current year.
June 6. Arnold purchased $29,400 of merchandise from Gerson on credit terms 2/10, n/30, FOB shipping point. Seperatel, Arnold paid freight in of $300. Gerson invoiced Arnold for $29,400
June 10. Arnold returned $3,600 of the merchandise purchased on June 6. Gerson issued a credit memo for this account.
June 15. Arnold paid $12,000 of invoice amount owed to Gerson for the June 6 purchase. This payment included none of the freight charge.
June 27. Arnold paid the remaining amount owed to Gerson for the June 6 purchase.
With permission of owner, Winn made structural modifications to the building before occupying the space at a cost of $180,000. The useful life of building and the structural modifications were predictable to be 30 years with no residual value.
Make a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, and Retained Earnings. Include margin explanations for any changes in Retained Earnings..
Yet fraud continues to be a problem in business. Since codes of ethics usually contain anti-fraud statements, why is fraud still occurring at these businesses?
A taxpayer suffers a casualty loss on personal use property for which he has insurance coverage. However, to avoid a premium adjustment, the taxpayer fails to make a timely claim. In this situation is the full deduction for the casualty, after th..
Construct a five forces model for the rhino sales industry. Illustrate what competitive threats are associated with rival sellers, suppliers, buyers, substitutes, and new entrants?
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Prepare a statement of cash flows (indirect method). Ignore tax effects and Statement of cash flows.
Purpose a schedule comparing depreciation for financial reporting and tax purposes. Evaluate the deferred tax asset or liability at the end of 2012.
Develop a model that can be used to determine the advertising budget allocation for the Flamingo Grill. Include a discussion of the following items in your report:
What is the profit maximizing price and output level. Solve this for equilibrium p and q. Also plot the mc,, d and mr curves. What profit do you expect the firm will make in the first year.
Which company is minimizing income taxes it must pay and Which company would have reported the higher net income if both companies had used the same method of pricing inventory?
Purpose a report that reconciles the total cost assigned to the ending work in process inventory and the units transferred out with the costs in the beginning inventory and costs added during the period.
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