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On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Leinert for credit on June 12. The scrap value of these goods is $150. On June 19, Meredith pays Leinert Company in full, less the purchase discount. Both companies use a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Instructions:
(a) Prepare separate entries for each transaction on the books of Meredith Company.
On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:
Robinson Enterprises purchased 56,000 pounds (cost = $420,000) of direct material to be used in the manufacture of the company's sole product. According the production specifications, each completed unit requires five pounds of direct material at ..
You are the vice president of operations for a small manufacturing company that uses the absorptive method of accounting for fixed manufacturing overhead, and you are approaching the end of the year.
On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totaled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.
Based on the information given above, what should be the net cash provided by operating activities in the statement of cash flows for the year ended December 31, 2011?
Werner Chemical, Inc., leased a protein analyzer on September 30, 2013-Depreciation is recorded on a straight-line basis at the end of each fiscal year. The useful life of the equipment is five years.
Provide the following (and support ALL of your work)- c) Reconcile and explain the difference between Deep Space's Net Operating Income using variable costing and absorption costing.
Determine the cost ratio (retail method) for T games and comics store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000
The Economic Order Quantity (EOQ) model is helpful in determining accurate inventory decisions. Discuss the major inventory costs that are used in determining the EOQ.
Policies regarding when a difference between actual and planned results should be investigated are generally more restrictive for non controllable items than for controllable items.
Draw Jim's budget line (throughout, please put coffee on the vertical axis)-Use a budget line-indifference curve map analysis to explain which pricing scheme Jim prefers.
What percentage interest in the pool is held by the town and the school district? Show the entry in the Investment Trust Fund to record the School District's investment in the pool.
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