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Chocolate Milk sold 150 milk machines in 2014 for $5,000 apiece, together with a one-year warranty. Maintenance on each milk machine during the warranty period averages $450 based on prior experience. Prepare the entries to record the sale of the milk machines and the related warranty costs, assuming the accrual method is used. Actual warranty costs incurred in 2014 were $16,000.
The bookstore receives a new shipment of awesome Dryfit shirts. You write a check to pay for the shirt. Thinking that you are a step ahead of the game, you list the date on the check as a date 2 weeks in the future.
to include sales tx on sales form, you must set up the tax as an item. You can enter petty cash expenditures just as you enter checks. Where do you enter shipping charges for items received? Analyzing the Balance Sheet will allow you to calculate the..
Selected year-end financial statements of Cabot Corporation follow. All sales were on credit; selected balance sheet amounts at December 31, 2012, were inventory, $48,900; total assets, $199,400; common stock, $115,000; and retained earnings, $52,348..
on 10th september melinda johnson was auditing financial statements of a new audit client mother earth foods a
Accounts receivable arising from sales to customers amounted to $90,000 and $80,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $200,000. Based on these transactions, the cash flows fro..
npv of purchasing the new machine.skates company is interested in replacing a molding machine with a new improved
access the financial statements from the most current annual report of a foreign company and a domestic company with
Formula, Inc., processes sugar into candy and powdered drink mix. The sugar costs $61,000 per load. The process involves mixing the sugar for 2 hours, producing 60,000 packs of candy with a market value of $25,000, and 20,000 packs of drink mix with ..
a describe the concepts of functional and presentational currencies in the context of accounting for overseas
On January 1, 2012, P & P Products purchased $1,000,000 of the five year, 8% bonds Delta Products in the open market for $960,00. Delta Products is a wholly-owned subsidiary of P & P Products.
The Mundane County Council has the following information concerning the upcoming fiscal year’s budget: A residence in Mundane County has an assessed value of $15,000. Its owner qualifies for an old-age exemption of $1,000 and a homestead exemption of..
Prepare an income statement for the year ended December 31, 2012. Prepare a statement of retained earnings for the year ended December 31, 2012. Prepare a balance sheet at December 31, 2012. Using the balance sheet, indicate whether the total assets ..
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