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Problem 1: Alpha Corporation shipped $30,000 of merchandise on consignment to Beta Company. Alpha paid freight costs of $2,000. Beta paid $800 for local advertising, which is reimbursable from Alpha. By year-end, 70% of the merchandise had been sold for $40,000. Beta notified Alpha, retained a 10% commission, and remitted cash due to Alpha. Prepare the journal entries to record revenue and cost of goods sold by Alpha, when cash is received from Beta. Round to the nearest cent.
Financial Statement Analysis and Preparation
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An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
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This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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