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On July 23, Louie Company sold goods costing $3,000 on account for $4,500. The terms of the sale were n/30. Payment in satisfaction of $3,000 of this amount was received on August 17. Also on August 17, the customer returned goods costing $1,000 (with a sales price of $1,500). The customer reported that the goods did not meet the required specifications.
1. Make the journal entry necessary on July 23 to record the sale. Louie uses a perpetual inventory system.2. Make the journal entry necessary on August 17 to record the cash collection.3. Make the journal entry necessary on August 17 to record the return of the goods.4. What question exists with respect to the valuation of the returned inventory?
Prepare the entry for May 1, 2004. The bonds are sold on August 1, 2005 for $255,000 plus accrued interest. Create all entries required to properly record the sale
The opportunity cost of capital for Metalgesselschaft is estimated at 8% annually, and the pound sterling is expected to depreciate at a yearly rate of 6.3% throughout the next 12 months.
Assume that the scarce resource for the firm is time, that is if an hour more is spent on producing one more product, there would be an hour less spent on producing another product. The company should produce: highest contribution margin or con..
disclosure of notes payable in financial statements.a. at december 31 2007 reed corp owed notes payable of 1000000 with
Depict the regression line on your graph. Use your graph to calculate the regression line using the criteria of economic plausibility, goodness of fit as well as significance of the independent variable.
Evaluate Andreas basis in the partnership interest at the starting of the year
question roberta is an accountant employed by a local firm. in this year roberta incurs the subsequent unreimbursed
the amortization expense entry recorded during the year is eliminated on a consolidation worksheet as a component of entry I. what is the necessity of removing this amortization?
Who are the stakeholders in this situation
In addition to the above, Mr Simpson drove in 2013 his personal automobile, a 2010 Chevrolet Caprice, in attending to the rental property a total of 400 miles (33.33 miles per month). Mr Simpson has always used the Standard Mileage Method (Automat..
Determine the per unit cost amounts before you prepare the 3 flexible budgets. This is asking for a flexible budget for a very specific item.
make a comparison of the following items and note trends.bullrevenuesbullcost of good soldbullaccounts
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