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Based on the information below, illustrate the effects on the accounts and financial statements of the Seller and the Buyer. Both use a perpetual inventory system.
(a) Seller sells Buyer on account merchandise costing $300 for $500, terms 2/10, net 30, FOB destination. The transportation charge is $50.
(b) Buyer returns as defective $100 worth of the $500 merchandise received. The seller's cost is $60.
(c) Buyer pays within the discount period.
If the new clerk in the accounting department insists on including the sales revenue account on the post-closing trial balance, would you agree? Why, or why not?
Using the above data, fill in the following blanks with the variance amounts. Use F for favorable or U for unfavorable for each variance. Total Overhead Variable Fixed, 1. Spending variance , 2. Efficiency variance ?, 3. Production-volume variance ?,..
I understand that non-recurring items such as adjustments for changes in accounting methods, extraordinary gains/losses, income from discontinued operations, etc. must not be included. However, what items should I address?
The XYZ has a choice between two warehouses. A lease at location A costs 1000 per month with a payment 2000 upfront to guarantee the 3 year lease. Location B would cost 1200 per month and would be leased from month to month.
Journalize the Transactions and Posting them into ledger and Preparation of Trial Balance.
Prepare journal entries to record the three dividend "events" that took place during 2011. If the company's common stock was value at $135 per share when the stock dividend was declared, what would the stock price be just after the dividend shares ..
During 2012, Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Cincinnati, Ohio, and earned $22,000. The state unemployment rate for Rowland is 4.6%.
Now that you understand what an AIS is, let's discuss the difference between data and information? Which one, in your opinion is more useful?
What are the names of the two methods for treating the pre-acquisition revenue and expense items of a subsidiary purchased during a fiscal period?
O'Bria Service Company purchased a copier on January 1, 2012, for $17,000 and paid an additional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies.
If the cost of an item is $75, the currrent replacement cost is $64, and the selling price is $95, the amoount included in inventory according to the lower of cost or market concept is ??
If the standards are set in a process that often results in compromise between different parties, do the qualities of accounting information provide much value? How?
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