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Question - In December, the Mutual Publishing Company ships 20 sets of books to a book dealer on consignment. The consignor maintains a cost accounting system and perpetual inventories; the cost of manufacturing each set is P3,000.00. At the end of December, the dealer reports the sale of 8 sets at P5,000.00 each and remits sales proceeds less 15% representing commissions and all expenses paid by the consignee. Freight paid by the consignee on the receipt of the sets is P2,500. Delivery and installation expense for the units sold was P1,200. The consignee returned 1 defective set of books to the consignor and paid freight of P300. How much is the net income related with the consignment sales?
The Matching Principle of accounting states that we should record revenues and the expenses related to those revenues in the same period. If we did not adopt the Matching Principle of accounting, what would be the effect on our financial statements i..
Derive cost of goods sold in data in the statement of cash flows The section showing cash flow from operations, using the indirect method, for Ann Taylor Stores reported an increase in inventories of $5.7 million during the year.
Which they can make contributions to their individual retirement account (IRA). According to tax law, what is the deadline for making these contributions?
Prepare the journal entry to record income taxes in 2022 assuming pretax accounting income is $145 million. No additional temporary differences originate
Prepare in good form the 2017 Cash Flow Statement for Bell Ltd. During 2017, the company sold old equipment costing $100,000 (net book value, $62,000)
The following details relate to the equity of J. Tan, sole proprietor. How much was withdrawn by J. Tan during year 2
Company Rafael is looking to borrow €250 000 at a stated 8.5 per cent APR from its bank, What is the effective interest rate on this loan
Research short selling. Write a discussion that addresses what short selling is by definition. Now consider, what are the benefits and drawbacks of short selling? What is the primary reason for investors to short sell in the market? Would an average ..
Royalty income of $330000 was received on 3/31/21, and $291000 on 9/30/21. In its income statement for 2021, Sheridan should report royalty income at.
What is the weighted average cost of capital for each company? Which company will have a lower stock price? Two public companies (Jack Co. and Jill Co.) operate
Journalize the adjusting entries. Journalize the closing entries. Journalize the reversing entries. Journalize in quality format the necessary adjusting entries for Bailey Tool Company on page 46.
Some hotels use dining room servers and room service attendants interchangeably. What kind of special training would a room service attendant need to become an efficient dining room server and vice-versa? Explain your reasoning.
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