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Paramount Trading Co. sells watches to retailers with the right of return. Based on past experience Paramount estimates 20% returns of the annual sales. The Sales and returns data of Paramount for the year 2013 is given here. Total Sales for 2013 $5,000,000 2012 sales collected in 2013 $250,000 Credit granted for 2013 sales returns $700,000 2012 sales returned in 2013 $ 20,000 What amount of sales revenue should Paramount recognize for 2013. Prepare journal entries for sales and sales returns of 2013.
torrid romance publishers has total receivables of 2820 which represents 20 days sales. total assets are 70500. the
What is the difference between using the percentage of sales and percentage of receivables method for calculating doubtful accounts? Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculat..
Your company has been offered credit terms of 4/30, net 90 days. What will be the nominal annual percentage cost of its nonfree trade credit if it pays 120 days after the purchase? (Assume a 365-day year.) show your calculation.
Selected balances from a company's financial statements are shown below. Calculate the following (a) accounts receivable turnover (b) inventory turnover (c) days' sales uncollected
Delta Company's flexible budget formula for overhead costs is $100,000 per month foxed costs plus $26.00 per unit variable costs. Standard volume is 5,000 units a month. Actual overhead costs for June were $280,000, and output was 6,000 units.
Also, the partnership will assume responsibility for a $30,000 note secured by a mortgage on that building. Wright will invest $50,000 cash. For the partnership, the amounts to be recorded for the building and for Chen's Capital account are ??
Assuming that the appropriate rate of interest is 9%, to whom should Betta sell the land? Show calculations.
Analogue Technology has preferred stock outstanding that pays $9 annual dividend. It has a price of $76. What is the required rate of return (yield) on the preferred stock?
Develop a linear programming model that will enable HTS to allocate technician time between regular customers and new customers.
note to answer some of the detailed questions below you will need to use the notes to financial statements andor the
A supplies account has a balance of $810 at the beginning of the year and was debited during the year for $1,950, If $650 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year woul..
The Talley Corporation had a taxable income of $365,000 from operations after all operating costs but before (1) interest charges of $50,000, (2) dividends received of $15,000, (3) dividends paid of $25,000, and (4) income taxes. What are the firm..
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