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Wizard Industries purchased $12,500 of merchandise on February 1, 2012, subject to a trade discount of 9% and with credit terms of 3/15, n/60. It returned $3,600 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.
(a) Assuming that Wizard uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
(b) Assuming that Wizard uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
The extraordinary loss and taxable income are both subject to a 30% tax rate. Prepare a corrected income statement beginning with "Income before income taxes."
horton enterprises issued 100000 10 year 6 bonds payable on 11.interest is payable each 6 months 11 and 71.the discount
V decides to accept an out-of-court settlement of $150,000. The newspaper and its insurer are willing to allocate the $150,000 in any manner that V requests. How should V have the amount allocated?
using the company that you used for your mid-term assignment you are to conduct the following additional analysisfrom
On July 1, 2012, Ryhn Co. pays $12,400 to Craig Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ryhn Co., journalize and post the entry on July 1 and the adjusting entry on December 31
What is the definition of unrealized intercompany profit.
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Discuss the advantages and disadvantages of at least two (2) forms of business structures. Make a recommendation regarding the structure your friend or relative should use based on this particular venture.
What is the purpose of a bank reconciliation?
Judy's Cars, Inc. sells collectible automobiles to consumers. Judy employs the specific identification inventory valuation method.
What is the difference between a rule-based and principle-based system? Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc.
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