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Capid Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow: • Sales are budgeted at $355,000 for November, $325,000 for December, and $315,000 for January.
Collections are expected to be 62% in the month of sale, 34% in the month following the sale, and 4% uncollectible.
The company purchases 42% of its merchandise in the month prior to the month of sale and 58% in the month of sale. Payment for merchandise is made in the month following the purchase. • The November beginning balance in the accounts receivable account is $77,800. • The November beginning balance in the accounts payable account is $270,400. Prepare a Schedule of Expected Cash Collections for November and December.
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A review of the accounting records of Rayford Manufacturing indicated that the company incurred the following payroll costs during the month of August.
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What depreciation method does Amazon use for property and equipment? What is the range of useful lives for buildings and for fixtures and equipment? Do these useful lives make sense?
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