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Journalize the following transactions for the seller, Mitchell Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction.
August 3 Sold goods costing $7,200 to Edwards Company on account, $12,000, terms 4/10, n/30. The goods are sold FOB shipping point, freight prepaid by seller, $130.
August 9 Edwards Company returned damaged merchandise previously purchased on account, $2,900.
August 14 Received the amount due from Edwards Company
Assuming that a prevailing interest rate of 8% applies to this contract, how much should Fishbone record as the cost of the machine?
You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
The stockholders' equity section of Hiller Corporation's balance sheet at December 31, 2005, appears below: Prepare the journal entries to record the above stock transactions.
If I can reduce my costs by $40,000 during this last quarter, my division will show a profit that is 10% above the planned level, and I will receive a bonus of $10,000.
Stevens Co. bought a machine on January 1, 2008 for $875,000. It had a $25,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Stevens uses straight-line depreciation.
The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900. Was the accountant's method of recording returns acceptable?..
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
Mr. Robbins medical records indicated that a total of 20 labor hours were directly used in providing his care. The cost of the labor was $380. It was expected before the beginning of the year that a total of 90,000 direct labor hours would be cons..
what is talley's pension expense to be recorded for year 8? (hint the expected return on plan assets equals beginning of year plan assets times the settlement rate)
Using the information above, what will be the approximate value of these exports in 1 year in U.S. dollars given that the firm executes a money market hedge?
A new retail store has offered to buy 8,300 of its skateboards for $59 per unit. The store is in a different market from Calla's regular customers and it would not affect regular sales. A study of its costs in anticipation of this additional busin..
Which of the following accounting methods is the method used to compute amortization?
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