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On December 28, 2016, Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $29,000 each. The terms of each sale were 1/10, n/30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2017. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Acme-Jones Corporation uses a weighted-average perpetual inventory system.
Raw materials that cost $39,300 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials.
Public policy can be discerned from state laws or court decisions. Implied contracts can be extracted from documents and/or public statements of company officials. Good faith and fair dealing? Is this simply in the eye of the beholder?
Beck Clothiers, Inc. has been a premier contractor for heavy duty work clothes for over forty years. Recently, due to the economic slowdown affecting the construction and other heavy labor industries, Beck's activity indicates that they may incur a l..
Village council of the Village of Elizabeth planning to construct a new office building. Please make journal entries for the following events for the building capital project fund. Received $50,000 short term loan from the general fund. The bond with..
campbell runs a clothing store and has produced the following trial balance for the year ended 31stnbsp march 2012. the
how is depreciation expense recorded on the statement of cash flows
Carlson, Inc. prepared a 2014 budget for 125,000 units of product. Actual production in 2014 was 130,000 units. To be most useful, what amounts should a performance report for this company compare?
First place LTD is authorized to issue $2 million of 4% 10 year bonds payable. On December 31, 2014 when the market interest rate is 8% the Company issues $1.6 million of the bonds. First place LTD amortizes bond discount by the effective interest me..
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $27,000; accounts receivable, $22,000; inventories, $36,000; equipment (net), $91,000; accounts payable, $25,00..
Optimum weight loss co. offers personal reduction consulting services to individuals. after all the accounts have been closed on November 30, 2016 the end of the fiscal year, t
what important factors in addition to quantitative factors should a firm consider when it is making a capital structure
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