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On June 24, 2012, Reed Company sold merchandise to Emily Clark for $75,000 with terms 2/10, n/30. On June 30, Clark paid $39,200, receiving the cash discount on her payment, and returned $10,000 of merchandise, claiming that it did not meet contract terms.
Assuming that Reed uses the perpetual inventory method, record the necessary journal entries on June 24 and June 30. The cost of merchandise to Reed Company is 60% of its selling price.
Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $320,000, and $410,000, respectively, for September, October, and November.
Compute depreciation expense on the machine for the year ending December 31, 2010, and the year ending December 31, 2011, using the following methods. (Round all answers to 0 decimal places, i.e. 10,510.)
Which of the following explanations might satisfy an auditor who discovers significant debits to an accumulated depreciation account?
Provide the circumstances under which each company chose its strategy. Provide information on how the two companies chosen strategies have affected performance and contributed to success or failure.
The pretax operating income of the division during 2011 was $4 million. Pretax income from continuing operations for the year totaled $14 million. The income tax rate is 40%. Ziltech reported net income for the year of $7.2 million. Determine the ..
The Income Statement section of the worksheet of Smith Company for the year ended December 31, has $169,000 recorded in the Debit column and $193,434 in the Credit column on the line for the Income Summary account. What were the beginning and endi..
A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.
Investment income and related expenses amount to 7,000 and 500 respectively. What is Mike and Sallys interest deduction for the 2010 tax year?
Wertz Corporation decided at the beginning of 2010 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes.
Due to the negligence of the other driver, Adam's car is completely destroyed, and he is seriously injured. Two days later, Adam dies from injuries suffered in the accident.
Create a formula to calculate your rate of return for each year. What is your overall return over the life of your investment? What is the average annual return over the life of the investment? Use the geomean function.
On a statement of cash flows that uses the indirect approach, calculation of cash flow from operations treats depreciation as an adjustment to reported net income because:
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