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Kim presently owns a business that processes and distributes fresh vegetable to local supermarkets. She is looking to expand her business by acquiring the Lackawaxen Emu Oil Company, a manufactures of makeup and beauty products contain emu oil. Kim looks over the financial statements of Lackawaxen and notice that the number of day's sales in inventory is five times higher than in her fresh vegetable business. Kim contacts her accountant Justin Maul, CPA, and asks him to look into this matter further. Justin informs Kim that she shouldn't be concerned with the difference in the number of day's sales in inventory between her fresh vegetable business and the emu-oil-based beauty products business. Explain why Justin Maul wasn't concerned.
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
owner invested 80000 cash and 2000 office equpmeent in to the business bank account
10,000 dollar loan at a Maturity of 3 months, an 8% interest rate
What is the implication of applying accounting concepts wrongly
Paid salaries to sales clerks
Q. Show Sales returns and allowances? Sales returns and allowances Merchandising companies typically permit customers to return goods that are defective or unsatisfactory for a
Q. Describe the Cost of sales? Cost of sales, cost of goods sold -- expense or cost of all items sold during an accountingperiod. Every unit sold has a cost of sales or cost of
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
Why to and by using in journal, trading a/c, p&l a/c and ledger?
What is the implication of applying accounting concepts wrongly?
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