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On August 31, 2008, Devs Autoparts Company sold $8,000 worth of parts to Metro Repair Company. The terms of the sale were n/90. Devs receivable policy is to start charging interest of 9% (annually) on all balances over 90 days. Interest is accrued monthly.
It is now December 31, 2008, and Metro Repair Company has not paid the outstanding bill. Metro Repair's owners have agreed to sign a 3-month note receivable for the balance owing on their account.
Prepare any journal entries required to be made by Devs Autoparts Company at December 31, 2008.
If a division is reporting losses, does that necessarily mean that it must be closed? Was the reallocation of the fixed costs across divisions unethical?
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The Container Store currently sells a “Bento Salad Bowl,” which it is currentlymanufacturing in South Carolina. A representative from a company in Vietnam is offering to sell them for 15% less than the manufactured cost.
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Make journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases
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Prepare cash budget, cash balance and minimum cash balance-Using the information above, prepare a cash budget as of December 31, 2009.
Obtain a detailed report which is based on an intensive investigation of the financial position of sales department, production department and research and development department.
Prepare a pension worksheet for the pension plan in 2008. Prepare any journal entry(ies) related to the pension plan that would be needed at December 31,2008. Prepare a pension worksheet for 2009 and any journal entry(ies) related to the pension plan..
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
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