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Prepare necessary Journal Entries
Prepare the necessary general journal entries for the month of October for the Seinfeld Company for each situation given below. Seinfeld uses a perpetual inventory system.
Oct. 8
Purchased merchandise from Festivus Incorporated for $20,000 on account Credit terms: 2/10, n/30; Freight terms: FOB shipping point.
Oct.10
Paid freight bill of $470 for merchandise purchased on October 8.
Oct.15
Paid for merchandise purchased on October 8. The company takes all discounts to which it is entitled.
Oct.20
Sold merchandise for $16,000 to Cosmo Kramer on account. The cost of the merchandise sold was $10,000. Credit terms: 2/10, n/30.
Oct.25
Issued a credit memo to Cosmo Kramer for $1,000 for merchandise returned by him from the sale on October 20. The cost of the merchandise returned was $625. (Merchandise was in new condition and could be sold again.)
Oct.27
Received balance due from Cosmo Kramer for sale on October 20.
Purpose the journal entries needed in the Capital Projects Fund to account for the above transactions. Manage closing entries.
Determine the net incomefrom the given data - Variable and absorption costing unit product costs and income statement; Explanation of Difference in Net Operating Income
Ignoring income taxes, determine the net present value for both assets. Which asset would you advise buying? Why?
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Describe the reason for any difference in the ending inventory balances under the two costing methods and the impact of this difference on reported net operating income.
What important factors, in addition to quantitative factors, should a firm consider when it is making a capital structure decision? How do these factors play in the decision?
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350
Create the operating activities section of the company's statement of cash flows, considering use of: Prepare the financing and investing activities sections of the statement of cash flows.
Evaluate Berclairs basic and diluted earnings per share for the year ended December, 2013.
Describe how the TSR and MVA compare with the SVA and the EVA. How does this move stakeholders in a company?
How liquid is Heavy-Duty Tractors? Support your answer with any ratios that you believe are necessary to justify your conclusion. Also indicate any other information that you would want to have in making a final determination on its liquidity.
Explain the company's existing policy regarding dividends and/or share repurchases Has the policy changed considerably over time?
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