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Taos Company purchased merchandise for resale from Tuscon Company with an invoice price of $22,000 and credit terms of 3/10, n/60. The merchandise had cost Tuscon $15,000. Taos paid within the discount period. Assume that both buyer and seller use a perpetual inventory system. 1(a)Prepare entries that the buyer should record for the purchase. 1(b)Prepare entries that the buyer should record for the cash payment. 2(a)Prepare entries that the seller should record for the sale. 2(b)Prepare entries that the seller should record for the cash collection. 3.Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 11% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy. (Use 365 days a year. Round your intermediate calculations and final answer to 2 decimal places.
for or from agi deductions. roberta is an accountant employed by a local firm. during the year roberta incurs the
Regarding the gift splitting provision of 2513, comment on the following.
What is the value of reworking the action figures and selling them to the toy store? Is the fact that Toys Ahoy! spent $6.25 to produce each action figure relevant to your value computations?
During the year, we received $7,000 in advance of performing the services. These services will be performed next year in 2009. Can you show the computation of revenue for 2008 on cash basis?
phil emley owns a garage and is contemplating purchasing a tire retreading machine for 20000. after estimating costs
(Expected rate of return and risk) Carter Inc. is evaluating a security. One-year Treasury bills are currently paying 9.1 percent. Calculate the investment's expected return and its standard deviation. Should Carter invest in this security?
presented below is information related to equipment owned by pujols company at december 31 2014.cost residual value
problem 6-1 bank reconciliation lo2the following information is available to assist you in preparing a bank
marotta company produces plastic that is used for injection-molding applications such as gears for small motors. in
under the sarbanes-oxley act of 2002 financial statements must include both a management assessment and an assurance
China Company issued $1,000,000 of6-year, 12% bonds, effective interest rate is13%. The bonds were purchased by USA Co. on theissue date at the issue price. Present entries to record the following transactions:
products gamma and delta are joint products. the joint production cost of the products is 800. gamma has a market value
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