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Q1. On June 1, the first day of operations, Candy Company purchased $1,000 of sweet merchandise inventory for cash. On June 10, Candy sold on credit all of the merchandise with a markup of 25% on cost. Prepare the general journal entries to record these two transactions assuming Candy uses (A) a perpetual inventory system and (B) a periodic inventory system.
Q2. Johnson Company purchased $10,000 of merchandise inventory on credit, terms 3/10, n/30. Johnson uses a periodic inventory system.
1) Prepare the general journal entry to record the cash payment for the purchase assuming a discount was received and the gross method of recording purchase discounts is used.
2) Prepare the general journal entry to record the cash payment for the purchase assuming the discount was forfeited and the net method of recording purchase discounts is used.
Both SmithCo and Jones Inc. sell widgets. SmithCo's sales last month equaled 1000 units and it charged a price of $2. This month Jones Inc. reduced the price it sells its brand of widgets from $2.10 to $2, and SmithCo saw a reduction in the quanti..
The annual percentage salary increases for the chief executive officers of all midsize corporations are normally distributed with mean 12.2% and standard deviation 3.6%. A random sample of 81 of these chief executive officers was taken.
A $10,000 mortgage bond with a bond interest rate Of 8% per year, payable quarterly, was purchased for $9200. The bond was kept until it was due, a total of 7 years. What rate of return was made by the purchaser per 3 months and per year.
A cell phone company is considering investing in additional cell phone towers. It estimates that if it builds K towers, its benefit in terms of increased profits will be: B(K)=500K-K^2 in millions. Assume each tower costs $20 million to build.
Summarize the history of your chosen firm and provide an overview for what it does and what goods/services it sells.
You are planning to build a new home with approximately 2,000-2,500 gross square feet living space on one floor. In addition, you are planning an attached two car garage (storage space) of approximately 450 gross square feet.
In a more typical situation, the government does not know the cost of pollution reduction for each firm. If the government decides to reach its overall goal by imposing uniform reductions on the firms, calculate the reduction made by each firm,
The amusement park incurs a constant marginal cost of $2 per ride. Suppose, in order to maximize profit, the amusement park practices a two-part tariff. How much will the park charge per ride and what will be the entrance fee
Suppose the production function of the economy takes only capital as input and follows the formula: Y = zKWith saving rate s, deprectiation rate d and population growth rate n, write down an equation that determines capital stock next period
Jean-Pierre consumes only apples and bananas. He prefers more apples to less, but he gets tired of bananas. If he consumes fewer than 28 bananas per week, he thinks that one banana is a perfect substitute for one apple
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following: 1.Compute the price elasticity of demand ..
Suppose that this year's money supply is $50 billion, nominal GDP is $1 trillion, and real GDP is $500 billion. What is the price level What is the velocity of money
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