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Atlas Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.0% service charge for sales on its credit card and credits the bank account of Atlas immediately when credit card receipts are deposited. Atlas deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Atlas accumulates the receipts for several days before submitting them to Access for payment. Access deducts a 3.0% service charge and usually pays within one week of being billed. Atlas completes the following transactions in June.
June 4 Sold $600 of merchandise (that had cost $240) on credit to Anne Cianci. 5 Sold $9,100 of merchandise to customers who used their Zisa cards. 6 Sold $5,944 of merchandise to customers who used their Access cards. 8 Sold $4,690 of merchandise to customers who used their Access cards. 10 Submitted Access card receipts accumulated since June 6 to the credit card company for payment. 13 Wrote off the account of Nakia Wells against the Allowance for Doubtful Accounts. The $648 balance in Wells's account stemmed from a credit sale in October of last year. 17 Received the amount due from Access. 18 Received Cianci's check in full payment for the purchase of June 4.
Zephre Company reported net income for the year of $56,000. Depreciation expense for the year was $12,000. During the year, accounts receivable increased by $4,000, inventory decreased by $6,000, accounts payable increased by $3,000, and accrued e..
The market price of the common stock was $31 per share at the date of the grant. G Corp. used the Binomial pricing model and estimated the fair value of each of the options at $10. What amount should G charge to compensation expense for the year e..
Journalize the transactions. Determine the amount to be reported as an investment in Connorsstock at December 31.
compute: (a) the total variable cost; (b) the total fixed cost; (c) the total cost; (d) the average variable cost per unit; (e) the average fixed cost per unit; and (f) the average total cost per unit. Assume that this activity level is within the..
Suppose that a product can be sold at split-off for $5,000 or processed further at a cost of $1,000 and then sold for $6,400. Should the product be processed further?
meyers corp. has annual revenues of 450000 an average contribution margin ratio of 35 and fixed expenses of 175000. if
As part of its cost accounting routine, Wilcox Company assigns $36,000 in fixed costs to each product each month. Calculate the break-even dollar sales volume for each project.
At the end of the current year, the following information is available for both Kumar Company and Asher Company.
On may 1, 2010, stanton company purchased 50000 of harris company's 12% bonds at 100 plus accured interest of $2,000. On June 30,2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold 40,000 of the bonds at 103 plu..
Prepare a differential analysis report, dated June 15 of the current year(2009), on whether the equipment should be leased or sold.
In a statement of cash flows, all of the following would be classified as operating activities except:
as you examined this week netflix and its competitors have faced interesting decisions regarding product offerings and
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