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When purchasing merchandise on account for say $88,000, but you pay $67,000 cash on the $88,000 due. Your sales are $145,000, and the ending inventory is $24,000 what would the gross profit be?
Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?
Describe how investors report investments in equity securities when investor has controlling influence over an investee. (US GAAP)
A master budget is a detailed and comprehensive analysis of organizations long- and short-term goals. 1. Identify the major inputs to the master budget and the usefulness of each.
Carter Company orders 250 units at a time, and places 15 orders per year. Total ordering cost is $1,100 and total carrying cost is $1,100. Which of the following statements is true?
Peter Company obtains all of the common stock of Sam Inc. by issuing 50,000 shares of its own stock. Under these circumstances, why might the determination of an acquisition price be difficult?
A company entered into the following material contracts at the beginning of the year: For each of the above contracts, prepare any necessary journal entries and notes to be included in the financial statements.
Strong Wood Company is a distributor of patio furniture. Data concerning the next month's budget appear below. What is the company's margin of safety? What is the company's margin of safety as a percentage of sales?
A VP of operations has asked you to make recommendations at the weekly status meeting on how to improve the efficiency and effectiveness of each producing sub processes individually and as a whole.
A manufacturer of thermostats uses a kanban system to control the flow of materials. The packaging center processes 10 thermostats an hour and receives completed thermostats every 30 minutes. Containers hold 5 thermostats each.
What is the difference between cash and accrual accounting? Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why?
he ledger of Elburn Company at the end of the current year shows the following: If Elburn uses the direct write-off method to account for uncollected accounts, journalize the adjusting entry at December 31, assuming Elburn determines that Copp's $..
Explain why the overhead cost related to website optimization was first divided into two categories (unframed prints and framed prints) and then allocated based on number of prints
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