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Paramount Trading Co. sells watches to retailers with the right of return. Based on past experience Paramount estimates 20% returns of the annual sales. The Sales and returns data of Paramount for the year 2013 is given here. Total Sales for 2013 $5,000,000 2012 sales collected in 2013 $250,000 Credit granted for 2013 sales returns $700,000 2012 sales returned in 2013 $ 20,000 What amount of sales revenue should Paramount recognize for 2013. Prepare journal entries for sales and sales returns of 2013.
An outside supplier has offered to produce the corn chips for $20 per batch. If all fixed costs can be eliminated, how much will Hungry Bites save if it accepts the offer?
global marine obtained a charter from the state in january 2013 which authorized 1000000 shares of common stock 5 par
Tapley Inc. currently has assets of $5 million, zero debt, is in the 40% federal-plus-state tax bracket, has a net income of $1 million, and pays out 40% of its earnings as dividends.
using a unit of instruction you have previously taught or one you want to teach this next year if you are an
Which of the following is not a condition that would permit a public college or private college or university to avoid accounting recognition of the value of its collections of art, historical treasures, and similar assets?
Kathy is a self-employed taxpayer working exclusively from her home office. Before the home office deduction, Kathy has $3,000 of net income. Her allocable home office expenses are $5,000 in total. How are the home office expenses treated on her c..
She has a property management firm make all management decision for her. During 2010 she incurred a loss, for tax purposes, of 30,000 on the office building. How must Mary Beth treat this on her 2010 tax return?
he Harsanyi Corp. is considering four investments. Which provides the highest after-tax return for Harsanyi Corp. if it is in the 34% tax bracket?
sovereign millwork ltd. produces reproductions of antique residential moldings at a plant located in manchester
A financial manager is planning two projects, A and project B. A is expected to add $2 million to profits this year while B is expected to add $1 million to profits this year.
Clyde agreed to surrender his Red stock in exchange for $600,000. clyde's basis in his shares was $143,000 and he held the shares for 17 years. the agreement made no explicit allocation of any of the $600,000 to clyde's agreement not to compete ag..
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
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