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On June 10, Pina Colada Corp. purchased $8,800 of merchandise on account from Flint Company, FOB shipping point, terms 2/10, n/30. Pina Colada Corp. pays the freight costs of $420 on June 11. Goods totaling $600 are returned to Flint for credit on June 12. On June 19, Pina Colada Corp. pays Flint Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Problem 1: Prepare separate entries for each transaction for Flint Company. The merchandise purchased by Pina Colada Corp. on June 10 cost Flint $5,500, and the goods returned cost Flint $266.
The Midtown Women’s Center offers bone densitometry scans in the office as a convenience to its patients. The clinic volume is expanding, and Sam Loch, the center’s administrator, is considering dropping the bone densitometry service and converting t..
Illustrate what entries would be made in 2011 to record the current and deferred income taxes and to recognize the loss carryforward? (Assume that at the end of 2011 it is more likely than not that the deferred tax asset will be realized.)
Do the entry for purchases. Boston Shop bought these items on account. Compute the cost of goods sold in 2019. Compute gross profit in 2019.
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correct if a company factored $2,500,000 of receivables with a 2 percent fee
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Assume the same facts as except that Allowance for doubtful. Prepare the adjusting entry for the current year's provision for uncollectible accounts.
The Hamada Company sales for 2016 totaled $151,000 and purchases totaled $87,000. Selected January 1, 2016, balances were: accounts receivable, $18,600; inventory, $14,300; and accounts payable, $10,800. December 31, 2016, balances were: accounts rec..
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