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Problem 1: Pronghorn's Fashions sold merchandise for $181000 cash during the month of July. Returns that month totaled $3500. If the company's gross profit rate is 30%, Pronghorn's will report monthly net sales revenue and cost of goods sold of
Option 1: $181000 and $126700.
Option 2: $177500 and $53250.
Option 3: $177500 and $124250.
Option 4: $181000 and $124250.
Compare the tax advantages of debt versus equity capital formation of the corporation for the client and recommend to the client whether he / she should use debt or equity for capital formation of the new corporation, based on your research. Provid..
Estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale
ICANDO Pte Ltd is a medium size IT Company that was started in January 2011 by Dennis Tan. When the company was set up in 2011, Dennis did his own accounting but he later employed April, a fresh graduate, to help him in December 2011.
A company had net sales of $540,000, total sales of $690,000, and an average accounts receivable of $83,000. Its accounts receivable turnover equals:
On July 1, 2016, Alpha Company exchanged an old computer (Equipment) with a historical cost of $1,000 that had accumulated depreciation of $600 after all June adjusting entries had been processed. The exchange was for a new computer having a fair val..
Discuss how to interpret static and flexible budget variances. How is the information useful in general? What are the benefits of variance analysis? How can such analysis be detrimental rather than beneficial to the organization?
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. Compute t..
Examine the environment in which Alibaba was operating that caused them to develop a fraud risk monitoring and management system.
mr. ali wants to start rent-a-car business. he wants to start this business with at least 20 cars. he estimates that
you are the financial controller of dd which currently prepares financial statements in accordance with local gaap.
Review the transactions listed below and determine the ones that would be recorded in a special cash receipts journal. Cash, Equipment sold for cash, Merchandise purchased for cash, cash from credit customers in payment of their account, or credit sa..
Discuss the safety-related costs listed. Are they variable or fixed with respect to speak- ers sold? With respect to other independent variables (describe)?
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