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On December 28, 2013, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses the gross method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2014.Prepare the journal entries on December 28 and January 6 to record the purchase and payment.
At the end of June there were 6,000 units in ending work in process that were 40% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. How many units were transferred ..
clarion contractors completed the following transactions and events involving the purchase and operation of equipment
At what amount should the equipment (net of depreciation) be included on the consolidated balance sheet dated December 31, 2009?
evaluating customer reaction of the trade-off of giving up some features of a product for a lower price would best fit
Jeffery and Cassie, who are married with modified AGI of $90,000, are sending their son to his first year of college. Their total tuition and related payments during 2013 amounted to $5,500.
grassy fertilizer manufactures two lines of garden grade fertilizer as part of a joint production process gf10 and
on january 1 2013 the mason manufacturing company began construction of a building to be used as its office
Determine the EOQ before and after the change in the cash discount policy. Translate this into average inventory (in units and dollars) before and after the change in the cash discount policy.
Chase Bank loans P+P Company $120,000 on a 1 year promissory note on July 1, 2009. The interest rate of this loan is 12%. The principle and interest are due in one year. The journal entry to accrue interest earned on 12-31-09 is:
Identify three analytical procedures that an auditor might perform with respect to plant assets and explain how they might assist in identifying potential misstatements.
what circumstances lead to the recording of a deferred tax asset.
The Garrett Corporation uses the lower-of-cost-or-market method to value inventory. Data regarding the items in work-in-process inventory are presented below.
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