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Hue Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Omni Bank Card, Hue receives an immediate credit to its account when it deposits sales receipts. Omni assesses a 4% service charge for credit card sales. The second credit card that Hue accepts is the Continental Card. Hue sends its accumulated receipts to Continental on a weekly basis and is paid by Continental about a week later. Continental assesses a 2.5% charge on sales for using its card. Required: Prepare journal entries to record the following selected credit card transactions of Hue Company. (Round your answers to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.) Apr. 8 Sold merchandise for $8,300 (that had cost $6,134) and accepted the customer's Omni Bank Card. The Omni receipts are immediately deposited in Hue's bank account. 12 Sold merchandise for $7,600 (that had cost $4,925) and accepted the customer's Continental Card. Transferred $7,600 of credit card receipts to Continental, requesting payment. 20 Received Continental's check for the April 12 billing, less the service charge.
What is your estimate for 2008 sales($)? What is your estimate of 2008 profits after tax? What is the percentage increase in 2008 profits after tax vs 2007 profit after tax of $110 Million?
prepare the stockholders equity section of the companys balance sheet. assume net income for the year is
Balance sheet format: Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31,2010,
Given the following data, manke, in good form, an income statement for the Dental Drilling Company as of December 31, 2003.
Examine the purpose and importance of audit reports. Determine the stakeholders impacted by audit reports. Analyze the impact of audit reports for each category of stakeholders.
Calculate the above ratios (a)-(g) for Tech Logistics plc for the 2010 and 2011 periods. Show how you have arrived at your answers, so your tutor can provide specific feedback if errors have been made.
Larsen Company makes and sells a single product, widgets. Three pounds of clay are needed to make one widget-How much clay should be purchased in September?
A $10,000, 8%, 10-year note payable that pays interest quarterly would be discounted back to its present value by using tables with which one of the following period-interest combinations?
The redemption qualifies for sale or exchange treatment, and Ali has no other transactions in the current year involving capital assets?
The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $15,500,000 and the actual machine hours are 220,000 hours.
Prepare a memo for your firm's client files describing the results of your research, including tax laws and regulations.
barbara is considering investing in a stock and is aware that the return on that investment is particularly sensitive
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