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On July 10, 2017, Sunland Music sold CDs to retailers on account and recorded sales revenue of $636,000 (cost $496,080). Sunland grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2017, retailers returned CDs to Sunland and were granted credit of $77,100.
Prepare Sunland's journal entries to record (a) the sale on July 10, 2017, and (b) $77,100 of returns on October 11, 2017, and on October 31, 2017. Assume that Sunland prepares financial statement on October 31, 2017
A company recorded the following items in a year, Sales $10,000, Variable production costs $200, Fixed costs $8,000. Determine the contribution margin
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MFE 6100 - Create the Statement of Cash Flows using the Indirect Method from the information provided. Include the required supplemental information regarding interest and taxes, and include any significant non-cash transactions
Objectives: Demonstrate application of Accounting Concepts pertaining to a service company including the following:
Examine the following common-size income statements and indicate which firm is likely to be Dollar General and which is likely to be Macy's. Explain your reasoning.
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