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Question - In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.
1. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $24,500 and sales taxes $1,225.
2. Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $12,840, which includes a 7% sales tax.
Prepare the entry to record the sales transactions and related taxes for Oriole Company.
company xx has multiple divisions for production of windows. the frames are produced in the frame division. when
Flexible Budgeting Quarterly budgeted overhead costs for two different levels of activity follow. The 2,000 level was the expected level from the master budget.
A quaint but well-established coffee shop, the Hot New Cafe, wants to build a new cafe for increased capacity. Expected sales are $800,000 for the first 5 years. Direct costs including labor and materials will be 50% of sales.
Draw a cost volume profit graph for stop-n-shop on an annual basis. use thousands of parking space hours as the measure of volume activity
White Foam Ltd had received applications for 501,100 shares and 44,000 options by 10 May. Prepare the journal entries in the records of White Foam Ltd
Zebra, Inc. cost of goods sold for the year is $2,300,000, and the average merchandise inventory for the year is $130,000. Calculate inventory turnover ratio
vineyard test laboratories does heat testing and stress testing on materials and operates at capacity. under its
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Mr. Husker's Tuxedos Corp. began the year 2015 with $278 million in retained earnings. What is the year-end 2015 balance in retained earnings for Mr. Husker's
The CEO of a major restaurant chain, whose sales vary by no more than 1-2 percent per month, recommends that the company operate on a natural business year end. As the president of the company, do you support this decision? Why or why not?
Assume the same facts as in part a, except the company expects 19,000 sales in 2015. What are the expected total costs and expected costs per unit for 2015
What structure would be the best structure for the US? Be sure to support your answer with the advantages of the method you select and the disadvantages of the other tax rates structure.
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