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Problem - The following transactions were selected from the records of OceanView Company:
July 12 Sold merchandise to Customer R, who charged the $4,800 purchase on his Visa credit card. Visa charges OceanView a 1 percent credit card fee.
July 15 Sold merchandise to Customer S at an invoice price of $10,500; terms 4/10, n/30.
July 20 Sold merchandise to Customer T at an invoice price of $5,500; terms 4/10, n/30.
July 23 Collected payment from Customer S from July 15 sale.
Aug 25 Collected payment from Customer T from July 20 sale.
Required - Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
Verify the overall break-even point for the company by constructing a contribution format income statement showing the appropriate levels of sales for the two products.
Written Assignment - Financial Statement Analysis. Based on the balance sheet and income statement provided for ABC Bank below, calculate the requested analysis values.
Discuss the importance of properly recording the potential balance sheet items current liabilities and contingencies; including what would be over and understated.
Assume that the cash flows occur at the end of each year, the tax rate is 40% for bothcompanies, and BG Corporation's after-tax required rate of return is 13%. What is the maximum amount that BG Corporation should be willing to pay to take over SM..
When identifying Accounts Receivable is the amount shown the net amount when the line item is stateted as listed below? Accounts Receivable (net of allowance for doubtful accounts of $485 and $488)
Using the information from Question, show the current accounts for Harold and George Cobb for the year ending 31 December 1998.
Determine the citation that mandates disclosures to the financial statements when a company decides to discontinue a component of the entity, though the assets are still held for sale.
recording journal entries and preparation of balance sheet.the post-closing trial balances of two proprietorships on
Cadion Co. owned a controlling interest in Knieval Inc. Cadion reported sales of $420,000 during 2011 while Knieval reported $280,000. Inventory costing $28,000 was transferred from Knieval to Cadion (upstream) during the year for $56,000. Of this am..
Matthew's Cash Book at 31 July 2016 showed a debit balance of RM2,500. After comparing the bank statement with the Cash Book, it was found that the balances did not agree. Complete the Cash Book and carry forward the adjusted balance. Prepare Bank Re..
Gross pay for direct labor is recorded by a debit to Work in Process. Salaries for all other factory personnel are recorded by a debit to Factory Overhead. Salaries of nonfactory personnel are recorded at the end of each month by a debit to the appro..
After analyzing the data, complete the income statement and retained earnings statement below for the year ending December 31, 2011. (List amounts from largest to smallest eg 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where nece..
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