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Q. Explain about Freight collect?
Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms suppose that a company ships goods FOB shipping point freight collect. Title goes by at the shipping point. The buyer is accountable for paying the USD 100 freight costs and does so. The seller compose no entry for freight charges the entry on the buyer's books is
Suppose you want to have $5,000 saved at the end of five years. The bank will pay you 2% interest on your money. How much would you have to deposit today to have the $5,000 you w
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
The industrial revolution in England presented a challenge to the development of accounting like a tool of industrial management. Costing techniques were urbanized as guides to man
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Q. Classes and types of adjusting entries? Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate
Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s
Two companies enter into loan agreements on 1 March 2012. On that date they also enter into an agreement to swap the loans. The details for each company and loan are: L R R Hood
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat
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