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Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $400,000; beginning inventory, $250,000; ending inventory, $275,000; operating expenses, $95,000; freight-in, $5,000; sales discounts, $20,000; purchases discounts, $15,000; sales returns & allowances, $120,000; and purchases returns & allowances, $45,000. The data are complete and provide the basis for preparation of an income statement. How much are net sales for Alpha Company?
Give one additional piece of information related to the transaction that could be recorded in an information system for a purpose other than the financial statements. Prepare the four basic financial statements for the month of March.
Cohen Company produces and sells stocks. Variable costs are $6 per pair and fixed costs for the year total $75,000. The selling price is $10 per pair. Determine the sales in units and in dollars, required to make an after-tax profit of $25,000 given ..
prepare a report on your company using the competitor for comparison and contrast.the focus of the report is to
A business issued a 45-day note for $90,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entr..
Marco Boats Inc. uses a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: Prepare journal entries to record the above transactions. Compute the cost of Job 10..
Mr. State started the C State Co., a new business that began operations on Dec. 1. The company completed the following transactions during its first month of operations. Use the following accounts and show the effect of the transactions on the accoun..
An income statement of a manufacturer will show the ending balance of work in process. contains only manufacturing costs. will show the ending balance of materials inventory. covers a certain period of time.
Sterling Garde, Inc., has 90,000 shares of $1.35 preferred stock outstanding in addition to its common stock. The $1.35 designation means that the preferred stockholders receive an annual cash dividend of $1.35 per share. How much in dividends must S..
Warranty4U provides extended service contracts on electronic equipment sold through major retailers. The standard contract is for 3 years. During the current year, Warranty4U provided 21,000 such warranty contracts at an average price of $81 each.
Dan, Inc., has sales of $603,000, costs of $255,000, depreciation expense of $62,000, interest expense of $29,000, and a tax rate of 30 percent. The firm paid out $45,000 in cash dividends and has 58,000 shares of common stock outstanding. What are t..
Prepare the journal entry to record the trade-in assuming a trade-in allowance of $1,200 with the balance paid in cash.
What are the objectives of Kate's financial system? What processes can you identify? Classify the items into one of the categories. Draw an operational model for the financial system.
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