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In its first month in business, Jones, Inc. sold merchandise to customers on account for $119,800. It collected $72,000 on those sales during the first month and recorded Revenue for the period of $119,800. Cost of goods sold expense was $60,000, and other expenses, including taxes, were $30,000. Which one of the following statements is correct?Question options:Net income (loss) for the first month was ($18,000), and ending balance of accounts receivable was $47,80Net income for the first month was $29,800, and ending balance of accounts receivable was $47,800.Net income for the first month was $29,800, and cash collected from customers was $29,800.Net income for the first month was $29,800, and ending balance of accounts receivable was $119,800.
An investment will pay $200 at the end of every of the next 3 years, $400 at the end of Year 4, $600 at the end of Year 5, and $800 at the end of Year 6. If other investments of eq
DIVIDENDS The dividends that appear in the consolidated statement of change in equity are for the holding company only. This is because the dividends of the subsidiary belong to
Question: The accountant of a company is preparing the cash budget for the first six months of 2011 and obtains the following information: Sales on credit, variable costs an
Consequences of adjudication The consequences of the making of the adjudication order are: 1. The order must be advertised in the gazette and a local paper; 2. The ownershi
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Funding the investment by an issue of ordinary shares could tender several advantages to Springbank plc. Gearing would drop to 47% (3·5/7·4) fewer than half of the sector average o
How do I figure fair value of assets..2 year estimated useful life and indefinite life recognized by purchased company
On May 2, 1986, Hannah acquired residential real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On January 20, 2013, the buildin
When a company sells a product for cash, it generally recognize the revenue. However, there are situations when it is not always clear when a company should recognize the revenue.
Occasionally cash flows may have to be discounted more often than once a year semi- monthly, daily, annually or quarterly. The outcome of this is as fold (i) The number of per
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