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Question - On June 10, Pina Colada Corp. purchased $8,800 of merchandise on account from Flint Company, FOB shipping point, terms 2/10, n/30. Pina Colada Corp. pays the freight costs of $420 on June 11. Goods totaling $600 are returned to Flint for credit on June 12. On June 19, Pina Colada Corp. pays Flint Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Required - Prepare separate entries for each transaction for Flint Company. The merchandise purchased by Pina Colada Corp. on June 10 cost Flint $5,500, and the goods returned cost Flint $266.
Delta Company recently borrowed $200,000 from FoxTrot. In consolidating the financial records of the two companies, how will this debt be accounted for.
You are considering an investment in the common stock of Keller Corp. The stock is expected to pay a dividend of $2 a share at the end of the year (D1 = $2.00).
a company has total assets of 20000 debt of 7500 and equity of 12500. sales are 10000 amp costs are 7000 the dividend
robert and mar lou have 3 children they income wages total 25764.39 there fedral income tax withheld was 3580.31
Accrued interest on all notes receivable. Prepare journal entries to record the transactions. Pharoah prepares adjusting entries once a year on December 31.
Royal Company manufactures 20,000 units of part R-3 each year for use on its production line. At this level of activity, the cost per unit for part R-3 is:
Analyze the business transaction and journalize the transaction - Doing it in a different order would make it very difficult to verify the necessary checks and balances to make sure you will balance the sheet at the end.
If Product Z cost $83 and Selling price of Z is $98. Normal profit margin is 20% of sales price. What is designated market value
Wallace Publishing identified the following overhead activities and their respective costs. Determine the overhead cost per book for each book type.
luft company uses the weighted-average method in its process costing system. operating data for the first processing
Determine the tax consequences of the transactions. Tractor Corp receives $100,000 of interest income from a Bank based on its checking account balance.
the standards for product c54l specify 4.5 dlh per unit 12.40 per dlh. last month 1560 units of product c54l were
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