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Star Corporation records its purchases at net amounts. Star purchased merchandise on account on September 7 for P45,000 with terms of 3/10, n/30. Star returned P4,000 of the Sept. 7 transaction and received credit on account. The balance has not been paid as of Sept. 30.
Problem 1: On Sept. 30, how much should the account payable be adjusted?
State and explain the accounting principle that has been breached. Rhonda recorded the payment of her daughter's orthodontist's fees as a business expense
On January 2010, P & P Products cbegan construction on a storage facility for Alpha Company. he President of P& P Products has consulted with the controller regarding estimated cost and the resulting profit. Prepare a schedule showing how much profit..
Farr Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine.
Victor made unanticipated major repairs to the plant equipment at a cost of P600,000. How should these expenses be reflected
On June 3, X1, Shark Bait Inc sells fish food to Nemo Inc. for $310,000. How much revenue should Shark Bait recognize for the sale that occurred on June 3rd
Cash collected from customers, $340,000; Cash paid for rent, $40,000; Calculate accrual net income for the year
What is the debit to equity ratio for 2013(rounded to two decimal places)? Javier Co. reported the following income statement and balance sheet amounts on Dec 31,2013. 2013 2012 Net sales revenue(all credit) $1,700,000. Cost of goods sold $1,040,000.
The broker will charge 10% interest on the money you borrowed. What will be the rate of return on your investment? Assume stock does not pay dividend.
Prepare a schedule of consolidated net income and apportionment to non-controlling and controlling interests for 2011.
Pranav's normal selling price for a lathe $178,268. Determine the amount of lease payment that the lessor would require to lease the asset to an outside party
Khadka Manufacturing manufactures work benches, What are the job costs of the Iron benches and the Wooden benches using normal costing and actual costing?
A check of $75 deposited by a company was returned to the bank for nonsufficient funds. How would this information be included on the bank reconciliation?
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