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Smith Company is required to charge customers an 8% sales tax on all goods it sells. Smith Company includes sales tax in its sales amount. At the end of May, Smith Company's sales account for May has a credit balance of $540,000. Prepare the sales tax adjusting journal entry for the end of May.
filing status. assume gail is a wealthy widow whose husband died last year. her dependent daughter lives with her for
mason corporation began the year with cash of 35000 and a computer that cost 62000. during the year mason earned sales
Define the term "margin of safety." If Stine Company expects to sell 1,250 units of its product at $12 per unit, and break-even sales for the product are $12,000, what is the margin of safety ratio?
the accounting records of bronco company revealed the following informationraw materials used 78000direct
The Grygiel Company leases a machine with a fair value of $50,000 to the Baker Company. The lease has a life of six years and requires a $10,000 payment at the end of each year.
trumpet company produced 8600 units of product that required 3.25 standard hours per unit. the standard variable
cabai co. is a magazine publisher. it sells subscriptions for 1- to 3-year periods. at december 31 year 1 the balance
the cost of goods sold in a retail store totaled 650000. fixed selling and administrative expenses totaled 115000 and
on december 1 2011 umd company purchased 15000 of equipment by issuing a 120-day 10 note payable to bank of maryland.
A project will require an initial investment of $750,000 and will return $200,000 each year for five years. If taxes are ignored and the required rate of return is 9%, what is the project's net present value? Based on this analysis, should the com..
benson and orton are partners who share income in the ratio of 23 and have capital balances of 60000 and 40000
management of rivers co. anticipates that its year-end balance sheet will show current assets of 12828 and current
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