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Question - On October 2, 2020, Vaughn Company sold $5,720 of its elite camping gear (with a cost of $3,720) to Lynch Outfitters. As part of the sales agreement, Vaughn includes a provision that if Lynch is dissatisfied with the product, Vaughn will grant an allowance on the sales price or agree to take the product back (although returns are rare, given the long-term relationship between Vaughn and Lynch). Vaughn expects total allowances to Lynch to be $770. On October 16, 2020, Vaughn grants an allowance of $390 to Lynch because the color for some of the items delivered was a bit different than what appeared in the catalog.
Indicate the income statement and balance sheet reporting by Vaughn at October 31, 2020, of the information related to the Lynch transaction.
Financial ratios are essential to provide an accurate valuation of a firm. Select a publicly traded firm of your choice. Select one ratio each in the areas.
a) Describe each transaction that ocurred for the month. b) Determinate how much owner's equity increased for the month. c) Compute the amount of net income for the month.
Find and prepare any required adjusting entries at Dec 31, 2020. They received funds of $170,000 for a baseball game on August 1, 2020.
Total selling and administrative expenses are $105,000. Calculate a selling price per unit of the automotive product
Can you describe the classical principles of organisation? You should be able to draw, show the sequencing and explain the process of staffing an organisation.
Michelle offers her services in selling the house at the best possible price. All she wants for her troubles is R20 000. Who in specific example is principal?
School district A has an assessed valuation of taxable property of $49,410,000. It has 5,400 public school students. School District B has an assessed valuation
a broadcasting company failed to make a year-end accrual of 200000 for fines due to a violation of fcc rules. its tax
Woolly drove the truck 20,000 miles. Woolly uses the units-of-production method. What is the amount of depreciation expense recognized in Year 2?
Assume that management considers the stock to be available- for- sale securities. Prepare the journal entries required on each date given.
The Butterfly Corporation had the following information that pertained to its March budget.
Erin owns a mineral property that had a basis of $10,000 at the beginning of the year. The property qualifies for a 15% depletion rate. Gross income from the property was $120,000 and net income before the percentage depletion deduction was $50,00..
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