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Question: Review the opening feature of this chapter dealing with Cheezburger Network.
Required: 1. Assume that Cheezburger Network sells a $300 gift certificate to a customer, collecting the $300 cash in advance. Prepare the journal entry for the
(a) collection of the cash for delivery of the gift certificate to the customer and
(b) revenue from the subsequent delivery of merchandise when the gift certificate is used.
2. How can keeping less inventory help to improve Cheezburger Network's profit margin?
3. Ben Huh understands that many companies carry considerable inventory, and Ben is thinking of carrying additional inventory of merchandise for sale. Ben desires your advice on the pros and cons of carrying such inventory. Provide at least one reason for and one reason against carrying additional inventory.
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
On April 1, 2011, BigBen Company acquired 30% of the shares of LittleTick, Inc. BigBen paid $100,000 for the investment, which is $40,000 more than 30% of the book value of LittleTick's identifiable net assets.
The plan has a $2,000 deductible, but his employer contributed $1,500 to Rex' s HAS. Rex withdrew only $800 from the HAS, and the account earned $50 interest during the year.
Prepare the ledger accounts for the two years ending 30.9.X6 and 30.9.X7 for each non-current asset together with related provision for depreciation and the sale of asset accounts. Show the balance sheet extract for fixed assets as at the two year..
ACC30008 Accounting Theory. On 2 February 2016, the Australian Senate referred an inquiry into carbon risk disclosure to the Senate Economics References Committee for inquiry. current and emerging international carbon risk disclosure frameworks
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