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On May 26, 2011, the Kentucky Corp. acquired $43,000 of merchandise inventory. This purchase was subject to a "1.4/20; net 80" cash discount. Kentucky maintains a perpetual inventory and accounts for cash discounts using the gross method. Kentucky paid for this purchase on June 13, 2011. Required: (a) Record the May 26, 2011 purchase by Kentucky. (b) What annual interest rate would Kentucky have paid had it not taken this discount? (c) Record the June 13, 2011 payment for this purchase by Kentucky.
Prepare a contribution margin income statement for the month with two columns: in the first column, show the resultsfollowing Paul's decision rule.
abc has the following lease information for some equipment -date of
question 1 on january 1 2012 barwood corporation granted 5040 options to executives. each option entitles the holder to
For eaqch of the folowing expenditures, indiacte the type of account in which the expenditure should be recorded. Explain your answers.
Directions: Prepare a federal gift tax return (Form 709) based on the following information for Wanda Bickford. Use the 2013 Gift Tax forms. Bill agrees to gift split.
Visit a nearby factory and carefully see its shops and departments. On completion of your visit draw a list of fixed assets noticed by you in the factory. Also comment on business location and its plant layout.
What are the two approaches to accounting for inventory that were covered in the course and which inventory method is the bookshop using and which method is the fruit and vegetable stall using?
If 15,000 units of the part are normally purchased during the year but could be manufactured using unused capacity, what would be the amount of differential cost increase or decrease from making the part rather than purchasing it?
Is it necessary for the city to adopt a budget comparable to that of a governmental fund for its enterprise funds and to incorporate it into its accounting system by making annual budgetary entries? Explain.
on nov. 1 2010 banana corporation management decided to discontinue operation of its rocketeer division and approved a
badal corporation processes sugar beets in batches. a batch of sugar beets costs 55 to buy from farmers and 18 to crush
Bar T Ranches, Inc. is considering the purchase of a new helicopter for $400,000. The firm's old helicopter has a book value of $90,000, but can only be sold for $60,000. It was being depreciated at the rate of $13,500 per year for four more years..
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