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Question - A Company started business in March 20xx. Sales for the first year totaled P4,000,000. The entity priced its merchandise to yield a 40% gross profit based on sales.
Industry statistics suggest that 10% of the merchandise Boy to customers will be returned.
The entity estimated sales returns based on the industry average During the year, customers return goods with sale price of P300,000.
Required - Prepare journal entries to record sales, sales returns and the year-end adjusting entry for estimated sales returns.
Prepare journal entries for all dates. Present journal entries for the Tempe bonds then journal entries for the Flagstaff bonds
As an auditor, what account should the client classify the apartment and housing / real estate complex be? Explain the answer
The standard direct cost per unit for a company was $7 (=$28 per hour X 0.25 per unit). Compute the direct labor price and efficiency variances for the period
Prepare a report for the Managing Director of your company explaining how costs may be classified by their behavior, with particular reference to the effects both on total and on unit costs.
1.sales are budgeted to be 152000. about 85 of sales are cash the remainder are on account.2.la famiglia expects that
Prepare a schedule of accounts payable for Crystal's Candles as of November 30, 20--
Harper acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2014, for $243,700 in cash. The book value of Kinman's net assets on that date was $460,000, although one of the company's buildings, with a $74,200 carryin..
Jelico Inc. issued 20-year, semi-annual bonds that pay interest at 7% per year in the market. What is the effective rate of interest per period on bonds
westerville company reported the following results from last years
How is accounting relevant to career? Why has ethical behavior in area of accounting and finance so important? So any type of increase in expense will be counter balanced by a decrease in assets in value and or other way around.
Acct 203DL AssignmenSelected 20x1 balance sheet and income statement information for two manufacturing companies. Calculate the current ratio and quick ratios
Determine the total cost recovery deductions in calculating taxable income related to the machine
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