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At the beginning of 2012, the Jeater Company had the following balances in its accounts:
During 2012, the company experienced the following events. 1. Purchased inventory that cost $2,200 on account from Blue Company under terms 1y10, ny30. The merchandise was delivered FOB shipping point. Freight costs of $110 were paid in cash. 2. Returned $200 of the inventory that it had purchased because the inventory was damaged in transit. The freight company agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Blue Company within the cash discount period. 4. Sold inventory that had cost $3,000 for $5,500 on account, under terms 2y10, ny45. 5. Received merchandise returned from a customer. The merchandise originally cost $400 and was sold to the customer for $710 cash during the previous accounting period. The customer was paid $710 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $60 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Took a physical count indicating that $7,970 of inventory was on hand at the end of the accounting period. Required a. Identify these events as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). b. Record each event in a statements model like the following one. c. Prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash fl ows
1. identify a business research topic2. define the research questions for the identified problem or opportunity3.
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Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:
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on july 15 2011 the city of higgins lake issued tax-supported term bonds having a face value of 10000000 and maturing
contract price 8000000 -------------------2012---------------- 2013----------------- 2014 est. cost----- 1600000
the corporation quickly acquired 36000 in inventory 40 of which was acquired on open accounts that were payable after
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