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The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 2014, $147,000; 2015, $185,000. Early in 2016, the following errors were discovered.
Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
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randy company has obtained the following data for the first year of operationssalesnbspnbsp nbsp nbsp nbsp nbsp nbsp
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After attending your seminar about life insurance planning, she has come to you to determine whether she has enough life insurance. Besides the small disability check that her husband receives, she is the only source of income-albeit a good income..
A local church is studying the amount of offerings in an envelope from their early Sunday mornings services. The church studied 500 envelopes and found the following:
If sales are $820,000, variable costs are $524,800, and operating income is $260,000, what is the contribution margin ratio?
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