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On January 1, the company received layaway payments from two customers. Each customer paid $50. On December 24, the layaway period expired. On that date, the company received $300 from Customer 1 and delivered the promised merchandise (costing $200). Customer 2 did not return to make the final payment and thus forfeited the initial $50 layaway payment. Make the journal entries necessary to record (1) the receipt of the initial layaway payments, (2) the receipt of the final layaway payment and the delivery of the goods to Customer 1, and (3) the forfeit of the layaway payment by Customer 2. The company uses a perpetual inventory system.
why does a company choose to form as a corporation?what are the steps required to become a corporation?what are the
The average remaining service period for employees expected to receive benefits is ten years. What is the amount of amortization to pension expense for year?
Which of the following statements is (are) true regarding the potential effects of using reported product costs for decision making?
jacobsen inc. is planning to sell 200 buckets and produce 190 buckets during march. each bucket requires 500 grams of
jones company had 115 units in beginning inventory at a total cost of 12650. the company purchased 220 units at a total
why does a company perform ratio analysis? what are the turnover ratios? describe the formula for one turnover ratio
In determining controlling interest in consolidated income in the consolidated financial statements, unrealized intercompany profit on inventory acquired by a parent from its subsidiary should:
You are a graduate accountant working for W Rhodes and Associates a public accounting firm situated at 556677 George Street, Victoria.
do you think the internet has made the students less ethical? should there be a code of ethics for internet authors?
the surfs up issues 1000 shares of 6 100 par value preferred stock at the beginning of 2011. all remaining shares are
1. an operating cyclea. is twelve months or less in lengthb. is the average time required for a company to collect its
What are advantages of public firms reporting to investors using an accrual and not a cash approach? What are the disadvantages?
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