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Question - Given
1. Received a $46000 check from hotpoint sales on account.
2. Received $295 cash from customer for appliance repair service provided.
3. The customer above returned the appliance that we repaired & stated that the repair work was not satisfactory. We gave them a cash refund of $200.
4. Sent a check for $11365 to Belt and Hose Supply no account.
5. Billed Whirlpool Sales $4365 for appliance repair service provided on account.
6. A portion of the supplies purchased from Motor and Transmission Supply did not meet manufacturer specification for appliance replacement parts. We returned these parts for a credit on our account of $2060.
7. Billed Maytag Sales for $1400 for appliance repair services provided on account.
Question: Journalize the 7 transactions using the correct rules of debits and credit.
What amount of gain results from this sale and what is its character? The correct answer is $38,000 ordinary income and $252,000 section 1231 gain.
Prepare a pro forma estimated 2007 income statement
on january 1 2006 gless textiles issued 12 million of 9 10-year convertible bonds at 101. the bonds pay interest on
Evaluate the effectiveness of the accounting principle guidelines for determining the market value of an asset, indicating improvements to these guidelines. Provide support for your recommendations.
The total depreciation expense for the period will be $8,775. An interest payment on outstanding debt of $15,000 will be made in December. Using the information given, construct a pro forma income statement for the final quarter of 2004 for Parker..
A firm that would like to know whether it has too much fixed assets to serve their market would be most likely to use which category of financial ratio? Question 7 options: a) Liquidity b) Leverage c) Efficiency d) Profitability
If XYZ decides to pay off the entire mortgage in March, 2004 after just two monthly payments of $2,426.55 have been made, what amount of principal would be due?
The introductory section of a CAFR typically includes all of the following except
Does this fact affect the conclusion about whether the pre-reform or post-reform Scrooge had a more positive impact on economic growth? Briefly explain.
Compute the amount of net sales and determine how much cash was collected from sales
The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order.
the bank account as a control device helps to protect cash. one of the requirements is to conduct periodic bank
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