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Justin's Plant Store, a retailer, started operations on January 1. On that date, the only assets were $16,000 in cash and $3,500 in merchandise inventory. For purposes of budget preparation, assume that the company's cost of goods sold is 60% of sales. Expected sales for the first four months appear below.
The company desires that the merchandise inventory on hand at the end of each month be equal to 50% of the next month's merchandise sales (stated at cost). All purchases of merchandise inventory must be paid in the month of purchase. Sixty percent of all sales should be for cash; the balance will be on credit. Seventy-five percent of the credit sales should be collected in the month following the month of sale, with the balance collected in the following month. Variable operating expenses should be 10% of sales and fixed expenses (all depreciation) should be $3,000 per month. Cash payments for the variable operating expenses are made during the month the expenses are incurred.
concored manufacturing company uses an activity based costing system sells 20000 units per year of glaxo container at
arun company has had poor operating results for the past two years. as the accountant for arun company you have the
A. What is bad debt expense for 2011? B. Determine the amount of accounts receivable writted off during 2011. C. If the company uses the direct write-off method, what would bad debt expense be for 2011?
following is a recent microsoft press releasewash.u2014march 15 2011u2014 microsoft corp. today announced that its
below you will find selected information in millions from coca-cola co.s 2012 annual reportincome taxes
acc305 the colorado company manufactures a product acc305 managerial accounting tco f the colorado company manufactures
Compute variance for the following items and indicate whether each variance is favorable or unfavorable.
hamblin co. elects to use the percentage-of-sales basis in 2014 to record bad debts expense. it estimates that 3 of net
If present cost behavior patterns continue, determine total shipping costs for 19X7 if activity amounts to 570 orders.
1. Discuss the key elements of the inventory costing method. 2. Discuss why it is appropriate to use this method.
The records of Marshall Company
slagle corporation is a large manufacturing organization. over the past several years it has obtained an important
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