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1.On October 6, 2013, the Elgin Corporation signed a purchase commitment to purchase inventory for $60,000 on or before March 31, 2014. The company's fiscal year end is December 31. The contract was exercised on March 21, 2014, and the inventory was purchased for cash at the contract price. On the purchase date of March 21, the market price of the inventory was $54,000. The market price of the inventory on December 31, 2013, was $56,000.The company uses a perpetual inventory system.Required:1. Prepare the necessary adjusting journal entry (if any is required) on December 31, 2013.2. Prepare the journal entry to record the purchase on March 21, 2014.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
How much taxable income, in total, must the shareholders of the corporation report on their 2010 tax returns?
Prepare the entries to record sales and collections during the period. Prepare the entry to record the write-off of uncollectible accounts during the period.
Research a U.S. company in the service industry with e-commerce activities.
Truson company paid a 8% taxable wages of $108,500. the taxable wages under FUTA were $89,400. what was the net FUTA tax of truson company?
Identify and list the errors in the income statement.
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Prepare common-sized financial statements for Leslie Fay for the period 1987-1991. For that same period, compute for Leslie Fay the ratios shown in Exhibit 2. Given these data, which financial statement items do you believe should have been of ..
class if you were a tax policy advisor to the president what tax advice would you have proposed to pull the country out
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Which of the following System applies when standardized goodsare produced under the series of inter-connected operations?
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