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Question - Master Grill sells its specialty combination gas/wood fired grills to local restaurants. Each grill is sold for $900 (cost $500) on credit with terms 2/20, net/60. Prepare the journal entries for the sale of 20 grills on August 1, 2014, and upon payment, assuming the customer paid on (1) August 20, 2014 and (2) September 29, 2014. Assume the company records sales net. Allocate Transaction Price, Discounts, Time value.
1.Prepare the necessary adjusting entries at December 31 for each of the items listed in BE 24. Depreciation on the equipment is $12,000 per year.
company is considering the replacement of equipment used in operations. the following data are availableold equipment
The taxable income for Botsal Inc. (Botsal) for the 2007 taxation year was $624,000. All taxable income was generated from business activities with the exception of $2,000 in foreign interest income on which tax of 10% was withheld. Of the busines..
How can a company manage earnings by changing the estimated useful lives of depreciable assets? Is this an effective technique to manage earnings?
Why is effective budgeting critical to a company's success? What is a flexible budget? What types of organizations might use flexible budgets?
outback corporation manufactures rechargeable flashlights in brisbane australia. the firm uses an absorption costing
In April 2009 construction will begin on the corner of Pier and Locust Streets for the Sexual Assault Victim's Educational Safe Haven (SAVES). According to the U.S. Department of Justice (2009), a sexual assault happens once every two minutes. Whe..
Partner A performs $5,000 of contract-type Code Sec. 707(a) services for the ABC partnership in December of 2009, but does not get paid until January of 2010. A and ABC are both calendar-year taxpayers, but A is on the cash basis and ABC is on the..
Assume a perpetual inventory system meaning that the inventory reduction is recorded at the time of the sale
During the off season, a special order for 3,000 chairs has come in from oversees government agency. How much money will the company make or lose on this order?
Case - Deal for a Dozer. How should Sable classify lease in its accounting records? Provide journal entries that Sable should record to Initial record the lease
What is the total amount to be included in the calculation to determine the minimum acceptable price for the job
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