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Madoff Securities uses manufacturers' agents who forward orders for alarm systems and the down payments. Madoff then ships its products from the factory to customers directly. The balance due is then billed directly to the customer, including shipping costs. Orders for $3,300,000 were received during the fiscal year ending November 30, 2018. Madoff received $330,000 in down payments; it billed $2,860,000 for goods and $55,000 in freight costs. Manufactures agents are paid a 10% commission on product price once goods are shipped to the customer. Madoff offers a 90-day warranty on goods after shipment, and the returns have been about 1% of sales. Revenue is recognized at the point of sale by this division. I cannot figure out the formula for this how would I calculate using the Point of sale method?
Calculate the settlement amount that the borrower pays to the lender under a 1:4 FRA for a face value of $1,000,000
List the 5 main types of accounts and indicate whether they are found on the income statement or the balance sheet? What type of account is accounts receivable
Discuss and Apply appropriate tools and techniques introduced in the unit to formulate a clearly articulated ISKM strategy for McDonald's.
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The total fixed selling expenses were $157,200 and the total administrative expenses were $338,000. Determine the contribution margin for September
Find The number of units of CK74 that Ruby must sell to break-even is. The data are available for product no. CK74, manufactured and sold by Ruby Corporation
Prepare the company's direct materials budget and schedule of expected cash disbursements for purchases of materials for the 2nd quarter ending in June
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