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State College Technology Store is a retail computer store in the university center of a large mid-western university. SCTS engaged in the following transactions during November of the current year: Nov. 1 Purchased 20 Nopxe laptop computers on account from Led Inc. The laptop computers cost $800 each, for a total of $16,000. Payment is due in 30 days. Nov. 6 Sold four Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1,200 each, for a total of $4,800. Payment is due in 30 days. Dec. 1 Paid the $16,000 account payable to Led Inc. Dec. 6 Collected the $4,800 account receivable from State College's Department of Microbiology. Assume that the other expenses incurred by SCTS during November and December were $1,000, and assume that all of these expenses were paid in cash. SCTS is not subject to income tax because it is a wholly-owned unit of a nonprofit organization.
Which of the following statements is true when referring to fixed costs? a) Committed fixed costs arise from the annual decisions by management. b) As volume increases, unit fixed cost and total fixed cost will change.
Poobah Manufacturers Inc. has estimated total factory overhead costs of $95,000 and 10,000 direct labor hours for the current fiscal year. If job number 117 incurred 1,600 direct labor hours, the work in process account will be debited and factory..
Determine the amount of net income for April, assuming that noadditional capital stock was issued but dividends of $25,000 werepaid during the month.
Some, but not all, contributions of goods and services are given accounting recognition. In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognitio..
write a 700- to 1050-word paper in which you do the followingidentify the four basic financial statements.describe the
1.On June 30, 2010, Parks Co. had outstanding 8%, $2,000,000 face amount, 15-year bonds maturing on June 30, 2025. Interest is payable on June 30 and December 31.
One stockholder owned 550 shares on February 5 before the dividend. Compute the book value per share and total book value of this stockholder's shares immediately before and after the stock dividend of February 5.
Prepare a table to allocate the lump-sum purchase price to the separate assets purchased. Prepare the journal entry to record the purchase.
The controlled access to files, programs, and documentation is a principal responsibility of which of the following functions? 32. Which of the following personnel security control plans is corrective in nature as opposed to being a preventive or ..
Storm paid no installation charges under the monthly payment plan but a $200 installation charge would have been incurred with a cash purchase. The amount to be capitalized as the cost of the machine on October 31, 2010 would be ?
Sears collected $57000 from the issuance of bonds with a face value of $50000. A portion of the cash receivable, $2000 was accrued interest. give the journal entry made on sears book to account the issuance of the bonds.
The following table contains information about four projects in which Hughes corporation has the opportunity to invest. This information is based on estimates that different managers have prepared about their potential project (see attached table)
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