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Hankco accepts all major bank credit cards, including Omni Bank's, which assesses a 4% charge on sales for using its card. On June 28, Hankco had $3,300 in Omni Card credit sales. What entry should Hankco make on June 28 to record the deposit?Debit Cash $3,300; credit Sales $3,300.Debit Cash $3,168; debit Credit Card Expense $132; credit Sales $3,300.Debit Cash $3,432; credit Credit Card Expense $132; credit Sales $3,300.Debit Accounts Receivable $3,300; credit Sales $3,300.Debit Accounts Receivable $3,168; debit Credit Card Expense $132; credit Sales $3,300.
Assuming that interest is computed annually, at what carrying value should the total liability for these bonds be reported two years later on December 31, 2012, if the effective-interest method of amortization is used?
Analyze how consolidations and business combination promulgations affect off-balance sheet manipulations. Include research on the development of consolidations and business combination promulgations.
The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
Computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and an income tax refund from 2009 of $50,000. Au Sable is an accrual basis taxpayer. The corporation's current earnings and profits for 2010 would be:
George Judson is the sole shareholder and employee of Black Corporation, a C corporation that is engaged exclusively in engineering services. During the year, Black has gross revenues of $300,000 and operating expenses (excluding salary) of $100,0..
Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why.
For the activity level of 2500 units, 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 th..
The bonds were issued four years ago at par ($2,000,000), carry a 7% interest rate, and are convertible into 40,000 shares of common stock. The company has a 40% tax rate. Diluted earnings per share are ??
What is the amount of gain (loss) recognized by Rosa, Arvid, Pine, and Lodgepole on the organization?
What are the advantages of acquiring the majority of the voting shares of another company rather than acquiring all of its voting stock?
Stech Co. is issuing $6.5 million 12% bonds in a private placement on July 1, 2012. Each $1,000 bond pays interest semi-annually on December 31 and June 30 of each year. The bonds mature in ten years. At the time of issuance, the market interest r..
Give three examples of qualitative factors that might affect the preliminary judgment about materiality. How do inherent risk and control risk differ from detection risk? List and define the seven types of audit evidence.
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