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The adjusted trial balance of Zambrana Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2010: Sales $800,000, Freight-out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $15,000.
Instructions
(a) Prepare the sales revenues section of the income statement.
(b) Prepare separate closing entries for
(1) Sales, and
(2) The contra accounts to sales.
A company beginning inventory for 2005
1. when a share of stock is first sold the amount received by the company may be different from the amount printed on
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Iota Co. initiated a defined benefit pension plan at the beginning of the current fiscal year. Prior service cost was $240,000, of which $80,000 was amortized, and service cost was $60,000.
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Compute the cost of goods sold in both units, and cost and compute the number of units in the ending inventory.
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