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Slinky Company purchased merchandise on June 10, 2016, at a price of $38,000, subject to credit terms of 3/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.
1. Prepare the journal entry to record the purchase.
2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on June 18, 2016.
3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on July 8, 2016.
swift enterprises manufactures springs and shock absorbers. springs account for 40 of the companys total sales revenue
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land costing 46000 was sold for 79000 cash. the gain on the sale was reported on the income statement as other income.
Auerbach Enterprises manufactures air conditioners for automobiles and trucks manufactured throughout North America. The company has two main products MaxiFlow and Alaska. MaxiFlow uses a few complex fabricated parts that have been found easy to a..
Sold merchandise inventory on account. Label the revenue recognition 5a and the expense recognition 5b.
Which of the following ratios would be most helpful in assessing the liquidity of a governmental entity?
1. countess aether now a california resident owns a 60 interest in the gore general partnership which only does
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Selby Hinkle is the sole stockholder and operator of Osaka, a motivational consulting business. At the end of its accounting period, December 31, 2007,
You just paid $750,000 for an annuity that will pay you and your heirs $45,000 a year forever. What rate of return are you earning on this policy?
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