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Prepare the appropriate journal entries for Allied Parts to record the May 5 purchase and each of the three separate transactions (a) through (c). Baker is a retailer that uses a perpetual inventory system and purchases these units for resale. Allied Parts was organized on May 1, 2013, and made its first purchase of merchandise on May 3. The purchase was for 2,000 units at a price of $10 per unit. On May 5, Allied Parts sold 1,500 of the units for $14 per unit to Baker Co. Terms of the sale were 2/10, n/60. (a) On May 7, Baker returns 200 units because they did not fit the customer's needs. Allied Parts restores the units to its inventory.
Write the journal entry to show the effects of (a) signing the note and the receipt of the cash proceeds on Aug 1, 2009. (b) Recording the interest expense for the month of September. (c) Repaying the note on December 31, 2009.
in which countries does taxation tend to have a major influence on published company accounts? Discuss how this influence takes effect and what the position is regarding the treatment of taxation in consolidated accounts.
Classification of cash flows in to Operating, Investing or Financing activities and Cash Flow Classifications
ABC Company sold pharmaceutical products to a Swedish company for Swedish Kronor. Prepare all necessary journal entries with brief explanation, related to this transction. Show all calculations.
On January 1, Talent Company purchased as a short-term investment a $1,000, 8% bond for $1,050. The bond pays interest on January 1 and July 1. The bond is sold on October 1 for $1,200 plus accrued interest. Interest has not been accrued since the la..
sixnut incorporated has been authorized to issue 1000000 shares of 2 par common stock and 50000 shares of 6 100 par
Review the current asset data presented for each company. Comment briefly about your first impressions concerning the relative composition of current assets within each company.
question1create journal entries for the subsequent related transactions using the gross method1 sale of inventory on
Present arguments in favor of cost allocation Does cost allocation provide relevant information? Would a current-value approach to computation of fixed assets be preferable? Why?
backgroundkennedy power solutions ltd. kps was incorporated in january 2001 in sudbury ontario. kps is a private
assume that the company can produce up to 150,000 units (relevant range for this cost structure) and it typically sells 110,000 units per month. A customer has placed a bid for 30,000 gadgets; however, they are willing to pay only $3 each. Would C..
As of December 31, 20x4, Trask had 4,000,000 authorized shares of $5 par value common stock – 1,575,000 shares had been issued, of this 75,000 were held in the treasury. The treasury shares were accounted for using the cost method. Prepare all journa..
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