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Harwick Company Exercise 5-2 1. on April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. on April 6, paid freight costs of $900 on merchandise purchased from Botham. 3.on April 7, purchased equipment on account for $26,000. 4. on April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. 5. on April 15, paid the amount due to Botham Company in full. A. Prepare the journal entries to record these transactions on the books of Harwicks Co. under a perpetual inventory system. B. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
Record the following transactions of a company in a general journal form: Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
Which one of the following would be the same total amount on a flexible budget and a static budget if the activity level is different for the two types of budgets?
What effect do subsidiary treasury stock holdings have at the time the subsidiary is acquired? How should the treasury stock be treated on consolidated work papers?
Provide the National Star Inc. journal entries for the transactions involving its investment in Krypton Labs Inc. during 2010.
What specific labour and overhead costs would be incurred, both before and after the split off point? Again, be specific here in terms of what you think would need to be incurred.
The balance in the equipment account is $904,000, and the balance in the accumulated depreciation-equipment account is $316,400.
Moped, Inc. purchased machinery at a cost of $22,000 on January 1, 2011. The expected useful life is 5 years and the asset is expected to have salvage value of $2,000. Moped depreciates its assets via the double-declining balance method.
Funzy Cereal includes one coupon in its cereal and offers a toy car in exchange for $1.00 and coupons. The cars cost $1.50. 40% of the coupons were redeemed in the 1st month. 12 million boxes of cereal were sold and 2.4 million coupons redeemed. W..
A candy factory's employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime wages should be expensed in ??
Identify how operating budgets are developed. Compare five to seven expense results with budget expectations, and describe possible reasons for variance.
Nachman Industries just paid a dividend of D0 = $1.32. Analysts expect the company's dividend to grow by 30% this year, by 10% in Year 2, and at a constant rate of 5% in year 3 and thereafter. The required return on this low risk stock is 9%. What..
Roger prepared for compensation a Federal income tax return for Joan. Joan's return included an aggressive interpreation of the rules concerning overnight business travel. Roger is not liable for a preparer penalty for taking an unreasonable tax r..
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