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Magnani Music sells used CDs for $2.00 each. During the month of April, Magnani sold 8,750 CDs for cash and 15,310 CDs on credit. Magnani's cash collections in April included the $17,500 for the CDs sold for cash, $10,300 for CDs sold on credit during the previous month, and $9,850 for CDs sold on credit during April. How can I calculate the amount of revenue recognized in April under the cash basis and accrual basis of accounting?
Plum's basis in the computers is $70,000, and their fair market value is $250,000. What is Plum's deduction for the contribution of the computers (ignoring the taxable income limitation)?
Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock. Assuming that the book value method was used, what entry would be made?
Prksh answered the following question: In February 1, 2007, York Contractors agreed to construct a building at a contract price of $6,000,000.
Junior Company currently buys 30,000 units of a part used to manufacture its product at $40 per unit. Recently the supplier informed Junior Company that a 20 percent increase will take effect next year.
Kent Company had 800 units of product in its work in process inventory at the beginning of the period. During the period 3,000 additional units of product were started.
On January 1, 2001, raw materials inventory included direct materials with a cost of $20,000. During the year, the firm purchased direct materials costing $50,000. At year-end, the account included direct materials, with a cost of $5,000.
provide an analysis and explanation of the role of the GAO.
Use the indirect method of reporting cash flows from operating activites. Assume that equipment costing $125000 was purchased for cash and equipment costing $85000 with accumulated depreciation of $65000 was sold for $15000; that the stock was iss..
Debauge Co. had beginning capital balances on January 1, 2008, as follows: Nick Foley $30,000 and Tom Wenger $25,000. During the year, drawings were Foley $15,000 and Wenger $8,000. Net income was $50,000, and the partners share income equally. Pr..
In your own words, explain what the advantage is of analyzing a company's financial statements over a series of years rather than just for the current period?
The petty cash fund of Western Glass Company contained the following items on November 30, 2009: Prepare the journal entries to establish the petty cash account and to replenish the fund at the end of November.
At the end of the year, roger's share of partnership liabilities increased by $20,000. roger's basis in the partnership interest at the end of the year is:
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