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Department store has budgeted sales of 13,700 men's suits in September. Management wants to have 7,700 suits in inventory at the end of the month to prepare for the winter season. Beginning inventory for September is expected to be 5,700 suits. What is the dollar amount of the purchase of suits? Each suit has a cost of $68.
Prepare an income statement and statement of cash flows for the 2009 accounting period.
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Cases relate to the valuation of assets
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Buffy, Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $90,000 was reported for financial reporting purposes in the period of sale.
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