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On December 28, 2013, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2014.Prepare the journal entries on December 28 and January 6 to record the purchase and payment.
the most likely reason for allocating all corporate costs to divisions include that divisions receive benefits from all
Using the data classification scheme presented in this chapter, identify and classify the information contained in your personal computer or personal digital assistant. Based on the potential for misuse or embarrassment, what information would be ..
a company that operates a resort hotel has a monthly mortgage payment of 8000. the last payment was made on december 15
construction forms corporation buys securities to be available for sale when circumstances warrant not to profit from
A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2009, for 100,000 pesos each. It pays for both items on June 1, 2009
What are the qualities and characteristics of a modular information system and integrated software system and how do they help in financial control in an organisation?
Compute the equivalent units of production for the first department for June, assuming that the company uses the weighted-average method of accounting for units and costs.
moontrust bank has asked the president of wishware products inc. for a budgeted income statement and budgeted balance
If an officer is not actually paid his salary but the salary is shown as accrued for 2010, for a C Corp, is the total accrued amount for that officer included on Schedule E or only what the officer is actually paid in 2010?
At December 31, 2012, Fell Corporation had a deferred tax liability of $680,000, resulting from future taxable amount of $2,000,000 and an enacted tax rate of 34%. In May 2013, a new income tax act is signed into law that raises the tax rate to 40..
What are assets? What are liabilities? What is equity? What are current liabilities? Explain what working capital is and how it is computed.
Gabrielle Hunter, a waitress at the Hole-in-the-Wall restaurant, worked 42 hours this week and collected over $500 in tips. The restaurant uses the full tip credit against minimum wage and pays Hunter the minimum required for tipped employees. Det..
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