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Presented below are two independent situations.
(a) On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the receivables.
(b) On May 10, Cody Company sold merchandise for $3,800 and accepted the customer's Allstar Bank MasterCard. At the end of the day, the Allstar Bank MasterCard receipts were deposited in the company's bank account. Allstar Bank charges a 4% service charge for credit card sales. Prepare the entry on Cody Company's books to record the sale of merchandise.
Suppose a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is
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The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
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A company has current assets of $45,000, current liabilities of $30,000, and total liabilities of $55,000. The current ratio is:
Explain the meaning of the term "accounting principles" as used in the audit report. How is it determined if an accounting principle is "generally accepted". Discuss the sources of evidence for determining whether an accounting principle has substa..
Explain the difference between the role of the Account Executive and the Account Planner within an agency Define the following persons' role in an agency
Describe the reasons why corporations invest in securities. Describe how the market would be affected if they stopped this practice?
Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
Mark Wilson, chief of personnel, has been instructed to increase the hiring of women at the Morton Cement Company.
Your roommate, Jill Blalock, purchased a new portable DVD player just before this school term for $80.
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: Determine the amount of cost of goods sold using:
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