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Hugo Reyes Company had the following account balances at year-end: Cost of goods sold $70,040; Merchandise inventory $22,410; Operating expenses $29,790; Sales $119,827; Sales discounts $1,580; and Sales returns and allowances $1,910. A physical count of inventory determines that merchandise inventory on hand is $14,960. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count. b) Prepare closing entries. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
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The fair market value of the land is notdeterminable, but the stock is widely traded and was selling for$25 per share when exchanged for the land. At what amount should the land be recorded by Amos Company?
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How do variable costs and fixed costs differ? Give an example of each. Analyze your personal expenses on a variable and fixed basis. What are some of your personal fixed costs and variable costs? What would cause them to change?
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