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Botanic Choice sells natural supplements to customers with an unconditional right of return if they are not satisfied. The right of returns extends 60 days. On February 10, 2014, a customer purchases $3,000 of products (cost $1,500). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the return of $200 of merchandise includes a
a. credit to Refund Liability for $200.
b. credit to Returned Inventory for $100.
c. credit to Estimated Inventory Returns for $100.
d. debit to Estimated Inventory Returns for $100.
As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March of 2012 were as follows: $120,000, $140,000 and $150,000. 20% of each months sales are for cash. Of the remaining..
On January 1, 2014, Valley Company entered into a 3-year construction contract that had an estimated gross revenue of P3,000,000. The entity used the percentage of completion method in recognizing income on its books.
Discuss the similarities and dissimilarities between the Statement of Cash Flows for Proprietary Funds and a Statement of Cash Flows of a for-profit business.
On January 1, 2013, M Company granted 94,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2015, and expire on January 1, 2019. Each option can be exercised to acquire one share of $1 par common stock fo..
Determine Linda's total optional basis adjustment? How much profit will Linda report as a result of the sale?
merchandise purchases budget.at march 31 sterling enterprises a merchandising firm had an inventory of 38000 units and
The unrealized loss of $61,650 previously recognized as other comprehensive income and as a separate component of stockholders' equity is now determined to be other than temporary. That is, the company believes that impairment accounting is now a..
This is the remaining balance of a twelve-month subscription purchased on September 30 in the current year. How much did this subscription originally cost?
santos company is starting its advertising campaign for next year and has prepared the subsequent budget data based on
Can a small group of well organized activists dictate how a major corporation conducts its affairs? Discuss fully.
multiple type questions.select thenbspbestnbspanswer.1.nbspwhat basis of accounting do enterprise and internal service
Calculate Additional Finance Requirements and CFO of IPOD Accessories, Inc. has asked for your help in estimating the firm's additional financing needed for next year.
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