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You have a sole-proprietorship merchandizing business dealing with photography equipments. The business was established three years back and had an average annual turnover of $50,000. However, over the last six months the monthly sales have fallen considerably. To reverse this downward slide you are considering selling the products on a credit basis of 15 days toall your regular customers. There are approximately 25-30 such customers. In turn, you also plan to ask your vendors to increase the credit period from 15 days to 25 days for all payments. Isbuying or selling the products on credit basis a good decision or not? Explain.
S Company earned $840,000 evenly throughout the year and declared a dividend of $300,000 on November 1. What is the amount needed to establish reciprocity under the cost method in the preparation of a consolidated workpaper on December 31, 2011?
What general business factors should be considered when choosing between the branch and subsidiary forms of doing business in the United States?
What is the impact of accounting errors on the balance sheet and income statement? How are errors handled?
Merchandise is ordered on June 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 16; the merchandise is received by the buyer on June 18; the entry is made in the buyer's accounts on ..
If you purchased $6000 of inventory for cash; later in the same year one-half of the inventory was sold for $4000 on account. What would the amount of net income and net cash flow from operating activities.
Metal cost used in Golf clubs is classified as: A. Variable, product, direct labor, and Manufacturing. B. Direct Labor, Variable, and Product.
Hope receives an $18,500 scholarship from State University. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $10,000 is for room and board. In addition, Hope works part-time at the campus library and earns..
In your own words, what are the benefits of a decision tree plan that displays decision alternatives? As it is, there are expected values of decision alternatives As I understand it, it is beneficial for decision analysis problems.
At the end of the year, Roger's share of partnership liabilities increased by $20,000. Roger's basis in the partnership interest at the end of the year is:
In a business combination in which the total fair value of the identifiable assets acquired over liabilities assumed is greater than the consideration paid, the excess fair value is:
Compute net cash provided by operating activities,the net change in cash during the year, and free cash flow.
Evaluate at least three significant differences and similarities between IFRS and GAAP and the impact these similarities and differences can have on financial statements.
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