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Raymond's, a travel agency, chartered a cruise ship for two weeks beginning January 23, 2006, for $200,000. In return, the ship's owner agreed to pay all costs of the cruise. In 2005, Raymond's sold all available space on the ship for $260,000. It incurred $40,000 in selling and other costs in doing so. All the $260,000 was received in cash from passengers in 2005. Raymond's paid $50,000 as an advance payment to the ship owner in 2005.
Problem 1: How much, if any, of the $260,000 was revenue to Raymond's in 2005? Why? Does the question of whether passengers were entitled to a refund in 2006 if they canceled their reservations make any difference in the answer? Why?
How would a partial liquidating dividend be accounted for in the financial records?
this information relates to alexis co. for the year 2012. retained earnings january 1 2012 91147 advertising expense
Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the Chart of Accounts for exact wording of account titles
Retained Earnings (including net income of 125,000 for the year 275,000. Compute the earnings per share. Compute the return on equity
LVT is an international manufacturer of fragrances for women. Calculate the net present value of this investment proposal
What is the amount of Symantec's gross sales for the 2009 fiscal year? What amount of accounts receivable did Symantec write off during 2009
jack sawyer is presently leasing a copier from john office equipment company. the lease requires 11 annual payments of
Write a report of 2000 words to the chairpersons of the Financial Reporting Council and the Australian Accounting Standards Board commenting
The advantages of calculating Contribution Margins of a company's products seem to be overwhelming according to the author. One can quickly calculate.
Straight-line depreciation was used throughout the machine's life. Calculate the depreciation expense for the fourth year of the machine's useful life
Smith, a trader, received from his solicitor a cheque for £74 which represented the proceeds of collecting a debt due to him from Jones, a customer.
How would you describe the difference between financial and managerial accounting? What are the distinguishing features of managerial accounting?
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