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Question - Alpha Company sells goods to customers who use Worldwide Express nonbank credit cards. Credit card sales on July 15, 2016 amounted to $25,000 and were subject to a 4.5% credit card company collection fee. Alpha Company collected payment from Worldwide Express on July 21. What amounts should be recorded for the following accounts for the July 21 collection?
1. Cash
2. Sales
3. Service Charge
4. Accounts Receivable
Identify each of the following corporations, proprietorships,and/or patnerships. Some items have more than one answer.
Invoices representing $1,200 of services performed during the month have not been recorded as of June 30. Prepare the necessary adjusting entries for January
How much of loss goes to Farrah? How much goes to Davidson - What is each partner's capital balance at June 30? Prepare a T-account for each partner's capital.
Describe the general journal and the general ledger. During 2014, the company completed the transactions given below. You are to indicate the appropriate journal entry for each transaction by giving the account letter and amount.
Mitchell Corporation had income before income taxes of $195,000 in 2014. Mitchell's current income tax expense is $48,000, and deferred income tax expense.
fomtech inc. had net income of 750000 based on variable costing. beginning and ending inventories were 50000 units and
The mayor applied his red pencil in the usual manner and dumped the draft on Ted, desk. What should Ted do?
Asset gains and losses
Analyze a personal financial statement, Identify opportunity cost.
Numeric Corporation produces and markets two types of electronic calculators: Model 100 and Model 200. The following data were gathered for last month:
Why would the manager of plant A be unhappy with using the average cost as the performance measure?
How do management's responsibilities and the auditors' responsibilities differ in terms of the financial statements presented?
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