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Q. Explain about Purchase returns and allowances?
Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer receives a decrease in the price of goods shipped a purchase allowance results. After that the buyer commonly uses a debit memorandum to notify the seller that the account payable with the seller is being reduced Accounts Payable is debited. The buyer may perhaps use a copy of a debit memorandum to record the returns or allowances or may wait for confirmation typically a credit memorandum from the seller.
Gwinnett Park Co. reported net income of $506,600 for its fiscal year ended September 30, 2014 . At the beginning of that year, 150,000 shares of common stock were outstanding. On
Federal income tax Except specifically exempted, all income (illegal and legal) is subject to personal income tax. Withholding depends on 1) employee's gross earnings, 2) emplo
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info
Received and paid the telephone bill for $231 including GST
Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accou
Q. In between FIFO and lifo which one is the correct method? The differences for the four methods take place because the company paid different prices for goods purchased. No d
Analyzing and using the financial results trend percentages It is occasionally more informative to express all the dollar amounts as a percentage of one of the amounts in the b
Your individual coursework portfolio addresses the following learning outcomes: ? Discuss the corporate governance issues and the duty of care of the directors of limited companies
Cost sheet is sheet Where all the cost should be recorded which related to the produc.
Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop
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