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Problem - Entry for cash sales; cash short
The actual cash received from cash sales was $83,452, and the amount indicated by the cash register total was $83,480. Journalize the entry to record the cash receipts and cash sales.
The reason we use the words favorable and unfavorable when evaluating variances is made clear when we look at the closing of accounts. To see this, consider that: Does Cost of Goods Sold increase or decrease when closing a favorable variance?
Ignoring income taxes, determine the net present value for both assets. Which asset would you advise buying? Why?
What is the carrying value of the development expenditure on December 31, 2012? Development began in January 2011, but it was only in July 2011
Payments are due at the end of each month, and interest is compounded monthly. How much should you budget for the monthly payment?
Compute the total cost, then using the straight line and units of activity methods, show a schedule that shows the annual depreciation expense
Find what will be the estimated SG&A costs this year? Forty percent of SG&A costs are fixed costs. If its sales are expected to be $60,000 this year.
Briefly discuss how the revenue recognition principle relates to the definitions of assets and liabilities. What is the importance of control?
Prepare the bank reconciliation with explanation and do the adjusting entries. After all posting is up to date, at the end of July 31, the book balance shows
Explain the tax implications of compensation in the form of salary and wages from the perspectives of the employee and employer. Provide the suitable example.
Determine the PBP, ARR, NPV and IRR of the investment proposal. Company ABC is considering an invetment proposal to instal new millinwg
Prepare an income statement for December 2012 and a classified balance sheet at December 31, 2012 and compute ending inventory and cost of goods sold under FIFO, assuming Ruggiero Company uses the periodic inventory system.
Determine whether Jane's Shoes is profitable. Discuss whether long-term creditors should regard Jane's Shoes as a high-risk or a low-risk firm.
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