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The Carlquist Company makes and sells a product called Product K. Each unit of Product K sells for $28 dollars and has a unit variable cost of $22. The company has budgeted the following data for November:• Sales of $1,484,000, all in cash.• A cash balance on November 1 of $47,000.• Cash disbursements (other than interest) during November of $1,494,900.• A minimum cash balance on November 30 of $85,000.
If necessary, the company will borrow cash from a bank. The borrowing will be in multiples of $1,000 and will bear interest at 2% per month. All borrowing will take place at the beginning of the month. The November interest will be paid in cash during November.
The amount of cash needed to be borrowed on November 1 to cover all cash disbursements and to obtain the desired November 30 cash balance is: $92,000 $93,000 $50,000 $49,000
Depreciation for the first 9 months of 2010 is $6,000. Prepare the journal entries to (a) update depreciation to September 30, 2010 and (b) record the sale of the equipment.
On January 1, 2003, Marina Clothing Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $4,700. Marina Clothing Company prepares financial statements annually. During the year the following selected transactions occur..
Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $400,000; the cost of merchandise on hand at the end of the year was $80,000. Instructions: Using the installment-sales method, make s..
one role of seasoned experienced human resources professionals is to mentor junior professionals. you have decided to
A machine costing $85,000 with a 5-year life and $5,000 residual value was purchased January 2, 2009. Compute depreciation for each of the five years, using the declining-balance method at twice the straight-line rate.
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a company estimates that warranty expense will be 4 of sales. the companys sales for the current period are 185000. the
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During the year, job 123 a firm fixed price contract for the production of 3,000 raincoats will be started and completed. Estimate the contract cost.
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the following information was taken from the ledger of jefferson industries inc.direct labor85000administrative
discuss the objectives for week three. how do they relate to the practice of accounting and its uses in business?
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