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A company allows its customers to use bank credit cards to charge purchases. When customers use the credit cards, the net amount is deposited in the company's checking account. The company also is charged a 2.5% service charge for these credit card sales. Assume that on April 13, the company sold $25,000 worth of merchandise to customers who used credit cards. Prepare the company's journal entry to record the credit card sales for April 13 assuming the company deposited the receipts that same day.
Show the journal entries in 2006. (Please be reminded the year-end for ABC Corporate is Dec 31, adjusting is required)
Prepare an income statement for the adjusted trial balance of Hanson Storage. Prepare a balance sheet from the adjusted trial balance of Hanson Storage
What is the definition of unrealized intercompany profit.
What is the appropriate accounting treatment for the value assigned to an in-process research and development acquired in a business combination?
A non current asset has a carrying amount of $20,000. it could be sold for $18,500 with selling cost of $500. its value in use is $22,000 and its replacement cost$50,000. according to IAS 36 Impairment of Assets, what is the recoverable amount of ..
Henson Company began the year with retained earnings of $175,000. During the year, the company recorded revenues of $250,000, expenses of $190,000, and paid dividends of $20,000. What was Henson's retained earnings at the end of the year?
Prepare a DFD fragment for the following: Toy Wholesaler, Inc. (TWI) purchases toys from various toy manufacturers and resells the toys to local retail shops.
What amount of dividend income does Ted report as a result of the distribution and what is Ted's income tax basis in the land received from Sherburne?
In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?
The balance sheet for Chaney Resources Inc. at the end of the current fiscal year indicated the following:
The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.
The following monthly data are available for RedEx, which produces only one product that it sells for $84 each. Its unit variable costs are $28 and its total fixed expenses are $64,960. Sales during April totaled 1,600 units. (a) How much is the b..
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