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Prepare the journal entries to record the following transactions in Hunt Ltd’s records using a perpetual inventory system. (For multiple debit/credit entries, list accounts in order of magnitude.)
(a) On 2 March Hunt Ltd sold $900 000 of inventory to Streisand Ltd, terms 2/7, n/30. The cost of the inventory sold was $600 000.
(b) On 6 March Streisand Ltd returned $130 000 of the inventory purchased on 2 March because it was incorrect. The cost of the inventory returned was $80 000.
(c) On 8 March Hunt Ltd received the balance due from Streisand Ltd.
Prepare a memorandum - Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.
Provide for a general definition of the income statement, its purpose as well as its relation to the Balance Sheet and Cash Flow statements
The governing body of the Order decided that it was no longer feasible to operate the convent, which had been built about sixty years ago, so it was advertised locally for sale.
What technique of accounting should Web-Browser use to account for its investment in Internet Access at 31 st December, 1998, and June 30, 1999 (i.e., cost or equity method)?
Prepare the bank reconciliation for company.
CAPM and Venture Capital
Describe the discrepancy between Diamond Foods, Inc.'s description of payments to walnut growers and what the farmers themselves say the payments are for
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Distinguish between liquidity and profitability.
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You will be asked to address a accounting failure from AMERICAN INSURANCE GROUP. Overview of the situation/accounting issue
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
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