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Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2013. All watches are sold for $300 each.Jul. 17 Purchased 50 watches for $7,500 ($150 per watch) on account.Jul. 31 Sold 40 watches for $12,000 cash.Aug. 12 Purchased 40 watches for $6,400 ($160 per watch) cash.Aug. 22 Sold 30 watches for $9,000 on account.Sep. 19 Paid for watches ordered on July 17.Sep 27 Received full payment for watches sold on account on August 22.Oct. 27 Purchased 80 watches for $13,600 ($170 per watch) cash.Nov. 20 Sold 90 watches for $27,000 cash.Dec. 4 Purchased 100 watches for $18,000 ($180 per watch) cash.Dec. 8 Sold 40 watches for $12,000 on account.
Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2013, assuming Suzie uses FIFO to account for inventory.
prepare year-end adjustments to the following situations. omit explanations.accrued interest on notes receivable is
Write a 500 - to 800-word paper explaining why preferred stock is referred to aspreferred and what some of the features added to preferred stock are that make it more attractive to investors. Would you select preferred stock or common stock as..
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Blue should have taken $455 and $3,636 cost recovery in 2005 and 2006. On January 1, 2007, the asset was sold for $98,000. Calculate the gain or loss on the sale of the asset in 2007.
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You Would like to make 43 equal payments over the next 21 years (The first payment to be made immediately all other payment to be made at 6 month internals, with the final payment to be made at he 21st. birthday. So that you will be able to cover ..
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In a business combination accounted for as an acquisition, how should the excess of fair value of identifiable net assets acquired over implied value be treated?
In 2009, Magic Table Inc. decides to add a 36-month warranty on its new product sales. Warranty costs are tax deductible when claims are settled. In its financial statements for 2009, Magic Table Inc incurs:
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