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Calculation of net sales
Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales
Nov. 20
Sold two items of merchandise to Customer B who charged the $350 sales price on her Visa credit card. Visa charges Clem Wholesalers at a 2% credit card fee.
Nov. 25
Sold 20 items of merchandise to Customer C at an invoice price of $4500 total; terms 3/10, n/30.
Nov. 28
Sold 10 identical items of merchandise to Customer D at an invoice price of $9000, total; terms 3/10, n/30
Nov. 29
Customer D returned one of the items purchased on the 28th; the item was defective, and credit was given to the customer.
Dec. 6
Customer D paid the account balance in full
Dec. 30
Customer C paid in full for the invoice of November 25, 2011
Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra revenues: compute net sales for the two months ended December 31, 2011.
Evaluate the asset turnover ratio for Sunside Villas for 2007 and evaluate the average age of Sunside Villas' property, plant, and equipment.
Purpose all the journal entries for the above transactions for 1 st July 2010 to 30 June 2011.
Adcock Corp. had $500,000 net loss in 2012. On 1 st January, 2012 there were 200,000 shares of common stock outstanding.
Purpose the journal entries that Rod Corporation recorded during 20X4 related to its investment in Stafford Corporation, considering Rod uses the equity method in accounting for its investment.
Calculation of the over/under absorbed overhead - How much overhead is allocated and evaluate the over/under absorbed overhead?
Evaluate the cost of abnormal rework and spoilage, goods completed, and ending work in process.
Evaluate the cost amount per unit and total manufacturing costs for the production and sale of 5,000 units of cellular phones. Evaluate the product cost markup percentage rounded to two decimal places for cellular phones.
Factory X produces a single product which is made from 10 kg of Material A as well as 5 kg of Material B. These quantities allow for waste The purchase prices of these materials
Evaluate Bugaboo's plant-wide factory overhead rate for May. Determine May's product cost for each type of cookie.
Calculate the Earnings per share (EPS) for each level of sales, the expected EPS, the standard deviation of the EPS, and the coefficient of variation of EPS, assuming that there are $10,000 shares of common stock outstanding,
Describe key issues of the case as they relate to Mr. Friehling's actions, or inactions, in relation to the AICPA's Code of Professional Conduct. Identify as well as describe the issues and provide examples to clarify and amplify your discussion. ..
Purpose the journal entry to record the impairment loss, if any, and show where the loss would be reported in the income statement.
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