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A company allows its customers to use bank credit cards to charge purchases. When customers use the credit cards, the net amount is deposited in the company's checking account. The company also is charged a 2.5% service charge for these credit card sales. Assume that on April 13, the company sold $25,000 worth of merchandise to customers who used credit cards. Prepare the company's journal entry to record the credit card sales for April 13 assuming the company deposited the receipts that same day.
During the current month, a company that uses a job order cost accounting system incurred a monthly factory payroll of $120,000 paid in cash. Of this amount, $30,000 is classified as indirect labor and the remainder as direct. Prepare entries to r..
Each fund must account for interfund activity as if it were a separate accounting entity.
At the beginning of the year, Downtown Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Downtown Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods so..
What method would be most appropriate for calculating the division's return on investment (ROI)? Why? Using this method, what is ROI for the current year?
Compare and contrast sole proprietorships and partnerships - organization, operation and taxation. Be sure to organize your answer so that you address each of the aspects of this question - organization, operation and taxation - completely for eac..
Jane, Jon, and Clyde incorporate their respective businesses and form Starling Corporation. On March 1 of the current year, Jane exchanges her property (basis of $50,000 and value of $150,000) for 150 shares in Starling Corporation.
Burich Co. reported proceeds from short-term (non-payables) notes of $2.5 million, proceeds from long-term borrowings of $6.8 million,
NEWCO Inc. had current earnings and profits of $50,000 when it made a nonliquidating distribution to an individual shareholder of land that NEWCO Inc. held for use in its business.
Illustrate the effect on the account and financial statements of paying and recording the March 17th payroll. Determine the following amounts of the employer payroll taxes related to the March 17th payroll: a) FICA tax payable b)state unemployment t..
The stock has a beta equal to 0.75. The risk-free rate is 5.0%, and the market risk premium is 5.5%. The stock's dividend is expected to grow at some constant rate g. The stock currently sells for $50 a share. Assume that the market is in equilibr..
While US GAAP requires assets to be valued at the lower of cost or market, there is a belief that assets with value fluctuations should be valued at market and adjusted on a regular basis. Create an argument supporting the use of market value for ..
Assuming the Koger uses straight-line depreciation, what is the net book value for machine #25624 on March 31, 2008?
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