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Question 1: Journalize the transactions for Perez Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.
Point 1: October 3 Sold goods costing $8,700 to Brown Company on account, $14,500, terms 5/10, n/30.
Point 2: October 9 Brown Company was granted an allowance of $2,900 for returned merchandise that was previously purchased on account. The returned goods are damaged and have no scrap value.
Point 3: October 14 Received the amount due from Brown Company.
Calculate the receivable turnover and the average days' sales uncollected for 20x4. Please include complete explanations for the calculations
Analysis reveals that a company had a net increase in cash of $22,310 for the current year. Net cash provided by operating activities was $20,100; net cash used in investing activities was $11,050 and net cash provided by financing activities was $13..
What were the company's noncurrent liabilities for the fiscal year? What was the company's current ratio for the fiscal year? For the fiscal year, did the company have a cash inflow or outflow from investing activities? How much?
On January 2, Bailey Company paid $20,000 to purchase equipment that has a useful life of 8 years. What will be effect on Net income
Trade Credit Discount. Compute the annual approximate interest cost of not taking a discount using the following scenarios. What conclusion can be drawn from the calculations?
An investor recently purchased a corporate bond which yields 9 percent. The investor is in the 36 percent combined federal and state tax bracket. What is the bond's after-tax yield?
Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense
By how much would this special order increase the company's net operating income for the month? Show your work and label your answers.
prepare the journal entry to apply factory overhead to both jobs in April according to the predetermined overhead rate
XYZ company purchased a refrigerated delivery truck for $65.000 on January 1, 2015. The plan is to use the truck for 5 years and then replace it.
What is the total amount of current liabilities at December 31,2013?
By how much has the net liability been reduced from that amount which appeared on the December 31, Year One balance sheet?
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