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A company's sales are 50% in cah and 50% on credit. 70% of the credit sales are colected in the month of the sale, 20% in the month following the sale, and 5% in the second month following the sale. The remainder is uncollectible.Total Sales: September=$50,000; October= $70,000; November=$60,000; December=$80,000)
MUTUAL DEALINGS A right of set-off is allowed where there have been - (a) Mutual credits, debts or other dealings resulting in pecuniary liabilities, (b) Between the debtor an
how do you record this transaction? May 18 Issues 30,000 additional shares of $2 common stock for $75 per share. May 25 Issue 8,000 shares of preferred stock for $125 per sha
Tool Belt Store (TBS) is expanding its chain of hardware stores across the country. TBS has more than 5,000 full-time employees and more than 20,000 part-time employees. TBS recent
SEC reporting implications i) Potentially inaccurate reporting of executive compensation in proxy statements and annual reports ii) Potential violation of securities and Law
After the accounts are adjusted at the end of the year, Accounts Receivable has a balance of $215,000, Uncollectible Accounts Expense has a balance of $17,500, and Allowance for Do
Research and Development (R&D) - Research is a planned activity aimed at discovery of new knowledge with hope of developing new or improved services andproducts. Development is the
Financial Accounting An accounting technique that records, interprets, and reports the historical cost transaction of an organization. An organization records these transaction
Terry Corporation had 300,000 shares of common stock outstanding at December 31, 2010. In addition, it had 90,000 stock options outstanding, which had been granted to certain execu
In January, 2008, Sanford Corporation purchased a patent for a new product for $1,200,000. The patent was valid for fifteen years but it was estimated to have a useful life of ten
Tally & Co. incurred a pretax operating loss of $100,000 in its first year of operations for both financial reporting and income tax purposes. However, it expects to be profitable
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