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On March 3rd, Blowout Sales sells makes $3,450.00 in cash sales of general merchandise which have cost of $1,215.00. Blowout uses perpetual inventory system.
a.) Journalize the sale event
b.) journal the cost of merchandise sold
Crawford Company has the following equivalent units for July: materials 10,000 and conversion costs 9,000. Production cost data are:
Prepare a "target" diagram showing the list of steps your friend should follow.
Discount Sales sells some used store fixtures. The acquisition cost of the fixtures is $12,500, the accumulated depreciation on these fixtures is $9,750 at the time of sale. The fixtures are sold for $4,500.The value of this transaction in the Inv..
When questioned by the auditors, the CFO of ABC Inc. mentioned, "An asset is just an expense waiting to happen." Discuss the validity and implications of this statement.
while doing an audit you discover inconsistencies in the companys expenses. address the following middot why might a
Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.
What is the impairment loss for Collier Company under a) IFRS and b) US GAAP?
Assume you are the partner in an accounting firm hired to perform the audit on a fortune 1000 company. Assume also that the initial public offering (IPO
Explain to him the rules of debits and credits for the balance sheet and income statement - journal entry that would be recorded that impacts the balance sheet.
The interest is computed based on the beginning balance of the loan for the month. The company has a cash balance of $20,000 and a loan balance of $40,000 at January 1. Prepare monthly cash budgets for each of the first three months of next year.
For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during September are:
Sable sells a passive activity with an adjusted basis of $245,000 for $305,000. Suspended losses attributable to this property total $45,000. The total gain and the taxable gain are:
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