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Harwick Company Exercise 5-2 1. on April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. on April 6, paid freight costs of $900 on merchandise purchased from Botham. 3.on April 7, purchased equipment on account for $26,000. 4. on April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. 5. on April 15, paid the amount due to Botham Company in full. A. Prepare the journal entries to record these transactions on the books of Harwicks Co. under a perpetual inventory system. B. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
Farmer Corporation borrowed $280,000 on November 1, 2009. The note carried a 10 percent interest rate with the principal and interest payable on June 1, 2010. Prepare the journal entry to record the note on November. Prepare the adjusting entry to..
What were the equivalent units for conversion costs for February if the beginning inventory was 70% complete as to conversion costs and the ending inventory was 40% complete as to conversion costs?
The market value of Lake Corporation's inventory has declined below its cost. Vickie Maher, the controller, wants to use the allowance method to write down inventory because it more clearly discloses the decline in market value, and it does not di..
An example using a specific company that conducts business both in the U.S. and at least one other country would be most appropriate in answering this question and most appreciated.
To make the settlement equal, Donald agreed to pay Marla $600,000, payable over 10 years at 8% interest. For several years, Donald deducted the interest on his Federal income tax return as investment interest. Upon audit, the IRS disallowed the in..
Twilight has medical staff in residence. Disregarding the 7.5% floor, how much, if any, of these expenses qualify for a medical deduction by Sandra?
Prepare the journal entries (budgetary and actual) to record the following transactions of the Quinones County General Fund.
On May 15, 2009, Brent purchased new farm equipment for $40,000. Brent used the equipment in connection with his farming business. Brent does not elect to expense assets under § 179. Brent does elect not to take additional first-year depreciation...
A company manufactures a single product. During year 2012, a total of 20,000 units of this product were produced and 15,000 units were sold. The sales price was $20.00 per unit.
Buckman Corporation issued bonds with a face value of $800,000 on April 1, 2008. The bonds pay interest semi-annually at a coupon rate of 10% per year and the due date of the bonds is April 1, 2014. The market rate is 8% per year.
A farm brings 15 tons of watermelon to market. Find a 90% confidence interval for the population mean cash value of this crop. What is the margin of error?
If 15,000 units of the new product could be sold at $16.00 per unit, and the company's other business did not change, calculate the company's total operating income and average contribution margin ratio. (The new product adds an additional $37,800..
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