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Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $19,700 and credit terms of 3/10, n/60. The merchandise had cost Mesa $13,435. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.
1a) Prepare entries that the buyer should record for the purchase.
1b) Prepare entries that the buyer should record for the cash payment
2(a )Prepare entries that the seller should record for the sale
after graduation you plan to work for dynamo corporation for 12 years and then start your own business. you expect to
Discuss the rationale underlying the design of the performance report you chose.
During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio?
Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of January?
What is the rate structure of the U.S. federal income tax? Analyze the progressive nature of the U.S. tax system and its consequences.
Bloomfield Bakers accounts for its investment in Clor Confectionary under the equity method. Bloomfield carried the Clor investment at $150,000 and $165,000 at December 31m 2010 and 2011, respectively.
MixRecording Studios purchased 7,800 in electronics components from TechCom. MixRecording Studio signed a 60-day, 10% promissory note for 7,800. If the note is dishonored, what is the amount due on the note?
Determine the amount of cash Janice's Dress Delivery expects to collect from accounts receivable during January.
1 janet and james purchased their personal residence 15 years ago for 300000. for the current year they have an 80000
at december 31 2013 the available-for-sale equity portfolio for steffi graf inc. is as follows.securitycostfair
FIFO and the lower of cost or market method
Determination of Beneficiary's Income. A trust is authorized to make discretionary distributions of income and principal to its two beneficiaries, Roy and Sandy.
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