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Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $1,500 per month, has just purchased a new BMW. You decided to test the accuracy of the accounts receivable balance of $82,000 as shown in the ledger.
The following information is available for your first year in business.
(1) Collections from customers $198,000(2) Merchandise purchased 320,000(3) Ending merchandise inventory 90,000(4) Goods are marked to sell at 40% above cost
Instructions
Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.
After using the concession stand for 4 years, Six Flags determines that the building will remain useful for only 2 more years. Record Six Flags' depreciation on the concession stand for year 5 by the straight line method.
jensen company has the following situationsales price 40 per unitvariable cost per unit 25 per unitfixed costs
evaluate the opportunity costs for Damien Chrysler for failure to accept a proposal from within to manufacture a vehicle for the Indian market and suggest ways that opportunity cost can be minimized.
Assume the present value of minimum lease payments at the inception of the lease and before the first annual payment was $615,000 and Jordan appropriately classified the lease as a capital lease. What is the lease liability Jordan should report in..
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1.which of the following is not a permissible method of calculating a bonus to an employee?a. the bonus is based on
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From the following selected data, compute: Net cash flow provided (used) by operating activities. Net cash flow provided (used) by investingactivities.
ogden office outfitters began making high-quality office furniture in january. the companys executive desks are
The credit manager of Gary prepared an aging schedule of accounts receivable and estimates that $4,800 will prove to be uncollectible.
Margie died on October 3, 2011. Her will directed that upon her death, all of her assets be transferred outright to her husband, Michael. The following are all of the assets that were owned by Margie on October 3, 2011.
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