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Problem 1: Prepare the necessary year-end (as at December 31) adjusting journal entries independent for each of the following situations:
a) On September 30 a company borrowed $20,000 for one year at 10% interest. Principal and interest are due September 30 of next year.
b) On September 1, a company received $12,000 from a customer for work to be performed equally over the next 12 months. The entire amount was credited to "Revenue earned".
c) Sales for the entire year total $2,000,000, are subject to an estimated warranty cost of 2.8 percent of sales. No entries have been recorded in the year.
d) Per the sales and warranty details noted in part c. above, assume in the following year the company has actual claims totaling 1.9 percent of their sales, and they replace defective units from their existing product inventory. Record the entry in this subsequent year.
Given a normal selling price per unit of $1,400, what is the contribution margin per unit sold for recurring (i.e., normal) sales
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Concord Corporation, a publicly traded mining company, Assuming that 790 tonnes are extracted in the first year, prepare the journal entry to record depletion
Per unit selling price for Product B is $75 and for Product C is $50. Create an analysis that shows whether or not the 20,000 units of Product A should be processed further.
A year after the revaluation on 1 January 20X1 the asset was sold for $80 000. Under the provisions of AASB 116 on Property, Plant & Equipment
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There are many possible exchange rate systems that can be employed by nations of the world. What are the advantages and disadvantages of the currently dominant floating exchange rate system? What alternative system(s) might be better suited to manage..
Discuss and Define what is meant by social marketing and why it is important to business today. How is green marketing related to social marketing?
Provide the general journal entries necessary to account for the transactions and events. Scarborough Ltd issues a prospectus inviting the public to subscribe
For the month of April, budgeted sales were $100,000 and budgeted cost of goods sold was $80,000. Actual sales were $80,000 and actual cost of goods sold amounted to $90,000. In preparing its monthly performance report: Assuming a flexible budget, ho..
The firm can raise debt by selling RM1,000-par value, 8% coupon interest rate per annum of 20-year bonds. Determine overall cost of capital for Jasmine
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