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Atlas Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.0% service charge for sales on its credit card and credits the bank account of Atlas immediately when credit card receipts are deposited. Atlas deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Atlas accumulates the receipts for several days before submitting them to Access for payment. Access deducts a 3.0% service charge and usually pays within one week of being billed. Atlas completes the following transactions in June.
June 4 Sold $600 of merchandise (that had cost $240) on credit to Anne Cianci. 5 Sold $9,100 of merchandise to customers who used their Zisa cards. 6 Sold $5,944 of merchandise to customers who used their Access cards. 8 Sold $4,690 of merchandise to customers who used their Access cards. 10 Submitted Access card receipts accumulated since June 6 to the credit card company for payment. 13 Wrote off the account of Nakia Wells against the Allowance for Doubtful Accounts. The $648 balance in Wells's account stemmed from a credit sale in October of last year. 17 Received the amount due from Access. 18 Received Cianci's check in full payment for the purchase of June 4.
Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form.
HINT: calculate debt-equity ratio, fixed assets ratio,proprietary ratio. Current ratio and liquidity ratio.
Samuelson Plastics has 7.5 percent preferred stock outstanding. Currently, this stock has a market value per share of $52 and a book value per share of $38. What is the cost of preferred stock?
Gilbert Corporation has an opportunity to acquire a company which produces one of the parts it uses in its manufacturing process. After careful analysis, Gilbert has decided to raise the necessary capital for the acquisition by issuing $3,000,000 ..
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The stock options had been granted for $12 per share. The cost method is used. What is the balance of the treasury stock on Grant's balance sheet at December 31, 2011?
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smith company applies overhead based on machine hours. the following data was availablebudgeted factory overhead
1. ramirez company received their first electric bill in the amount of 60 which will be paid next month. how will this
General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site-Determine the amount of impairment loss
Benny's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000.
1.a capital expenditure would appear on thea.income statement under operating expenses.b.balance sheet under fixed
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