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Q. Explain Merchandising companies?
Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores, auto dealerships and supermarkets. We begin the description of accounting for merchandising companies in next section.
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
A)Guerrero Company occupied in the following events during 2012: 1. Began operations by issuing common stock to investors for $40,000 cash 2. Given services to customers on a
You have been asked to ready a bill for services. What information should be contained in the bill? Ans) Service Provider's Details (i.e) Organization name and address. Ser
Q. Explain about Predictive value and feedback value? Several suggest using a different valuation basis such as current cost in reporting such assets. Predictive value and feed
Derivative instrument is an asset which develops i.e. takes its origin from another asset. The simplest form of derivative is a forward contract, "It is an agreement to buy or s
Sam is trying to decide whether he should operate his business as a C cor- poration or as an S corporation. Due to potential environmental hazard problems, it is imperative that
Scott Manufacturing Co.'s static budget at 10,000 units of production includes $40,000 for direct labor and $4,000 for electric power. Total fixed costs are $23,000. At 12,000 un
What is Post closing trial balance This statement would only show permanent accounts with a balance; all temporary accounts must have a zero balance. Credits and Debits must ba
Q. Explain about Long-term investments? A long-term investment habitually consists of securities of another company held with the intention of (a) obtaining control of another
Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this
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