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The following selected transactions relate to liabilities of Interstate Farm Implements for December of 2011. Interstate's fiscal year ends on December 31.
Required:
Prepare the appropriate journal entries for these transactions.
1. On December 15, received $7,500 from Bradley Farms toward the purchase of a $98,000 tractor to be delivered on January 6, 2012.
2. During December, received $25,500 of refundable deposits relating to containers used to transport equipment parts.
3. During December, credit sales totaled $800,000. The state sales tax rate is 5% and the local sales tax rate is 2%. (This is a summary journal entry for the many individual sales transactions for the period.)
assume that you have been offered cash discounts on merchandise that can be purchased from either of two suppliers.
Inline Incorporated manufactures skates and equipment for in-line skating. The company offers a one-year warranty on all products. During 2012, the company recorded net sales of $3,887.4 million. Historically, about 2% of all sales are returned under..
Big Thumbs Company manufactures portable flash drives for computers. Big Thumbs incurs monthly depreciation costs of $15,000 on its plant equipment and monthly advertising costs of $3,000 to place advertisements in magazines. Also, each drive requ..
a supplier of aircraft parts to an aircraft manufacturer has noticed an increase in inventory. as a result of this will
on january 2 2013 the cerritos band acquires sound equipment for concert performances at a cost of 65800. the band
You are assigned the duty of ensuring the availability of 100,000 yen for the payment that is scheduled for next month. Considering that your company possesses only U.S. dollars, identify the spot and forward exchange rates. What are the factors t..
Prepare a statement of financial condition for Mr. Holz as of December 31, 2008. Assume any gain on subsequent sale of the residence will not be tax-exempt.
bkf.com provides banks access to sophisticated financial information and analysis via the web enabling them to
1) Which of the following entries would be used to record the billing of fees earned? 2) If total liabilities are $1,000 and total assets are $8,000, owner's equity must be:
Compute the amount of the credit using the information presented in 206.06.
during the year samuels company reported net income of 300000 including amortization of intangible assets of 66000
cress company makes four products in a single facility. data concerning these products appear below nbspnbsp
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