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At the beginning of May, Northern Lights Parts Inc. started with a contribution of $ 15,000 cash in exchange for common stock from its shareholders. The company engaged in the following transactions for the month of May. May 5 Purchased merchandise on account from Jingle Supply Co. for $ 6,000, terms 1/10, n/30 May 7 Sold merchandise on account to Arial Company for $ 4,500, terms 2/10, n/30. The cost of the merchandise sold was $ 2000. May 8 Paid $ 150 freight on the sale to Arial Company May 9 Received credit from Jingle Supply Company for merchandise returned for $ 600 May 12 Paid Jingle Supply Co. in full May 18 Received payment from Arial Company for sale made on May 7 May 19 Purchased merchandise for cash for $2,800 May 20 Received refund from supplier for returned merchandise on May 19 cash purchase of $ 300 May 22 Purchased merchandise on account from JJ Distributors for $ 4,500, terms 2/10, n/30 May 23 Paid $ 400 freight on May 22 purchase May 25 Sold merchandise for cash for $ 13,250. The cost of the merchandise sold was $ 9,100 May 26 Purchased merchandise for cash for $ 6,300 May 29 Paid JJ Distributors for purchase on May 22 May 30 Gave refund of $ 700 to customer from May 25. The cost of the returned merchandise was $ 580 May 31 Sold merchandise of $ 2,500 on account with terms 2/10, n/30. The merchandise cost $ 1,300. Required: 1. Calculate the balance in the inventory account at the end of May
Depreciation methods.Mike Davis Enterprises purchased a delivery van for $40,000 in January 20X7. The van was estimated to have a service life of 5 years and a residual value of $6,000. The company is planning to drive the van 20,000 miles annuall..
You have been employed as an entry level management accountant for little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of companys assets to personal use.
wyly waste management. wyly waste management wwm is an sec registrant and your firm is its auditor. overall materiality
Compute the gain or loss to Mann on the settlement of the debt.
1. isabel a calendar-year taxpayer uses the cash method of accounting for her sole proprietorship. in late december she
Discuss whether Loewen Group expansion from funeral homes to cemeteries affected its horizontal or vertical boundaries or both.
On August 3, 2010, the date of incorporation, the Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of nopar, nostatedvalue common stock for $22 per share.
mountaineer products manufactures two types of tents single-wall and double-wall. selected data related to each type of
1. a corporation issues for cash 1000000 of 820-year bonds interest payable annually at a time when the market rate of
Investment projects should never be selected through purely mechanical processes. Managers should ask questions about the positive net present value (NPV). Good managers realize that the forecasts behind NPV calculations are imperfect.
Determine the effect of the overhaul on cash flow from operating activities for 2013 and 2014 if the cost were recognized as maintenance expense.
herman company makes hockey sticks. the costs and prices for the sticks follow. selling price 23.00 per stick
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