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You and several classmates are studying for the next accounting examination. They ask you to answer the following questions:
1. If cash is borrowed on a $70,000, 9-month, 12% note on August 1, how much interest expense would be incurred by December 31?
2. The cash register total including sales taxes is $42,000, and the sales tax rate is 5%. What is the sales taxes payable?
3. If $42,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue is earned by December 31?
Received $1,000 from customers as deposits on orders of new instruments to be sold to the customers in April. Complete the following statements.
Compute the current ratio and the number of days cash on hand Compute the number of days revenue in receivables Compute the operating margin and the total margin.
1. explain the rationale for recognizing costs as expenses at the time of product sale.2. what is the rationale
a company has 7000 obsolete toys carried in inventory at a manufacturing cost of 6 per unit. if the toys are reworked
Prepare for Kenneth Meier the disclosure note that will be included in the 2011 financial statements.
from the following information for alfred industries compute the overhead spending variance and the volume
Alliance software began 2009 with accounts receivable of $115,000, All sales are made on credit. Sales and cash collections from customers for the year were $780,00 and $700,000 respectively. Cost of goods sold for the year was $450,000. what was ..
The following is a partial list of account balances for Coen, Inc. as of December 31, 2010
what is the accounting equation? suppose your company sold 12000 in merchandise to a customer for cash. how does this
Carson, Letterman, and O'Brien are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $116,000, $69,000, and $34,000, respectively.
a. harrington company is a u.s.-based company that prepares its consoli- dated financial statements in accordance with
define cost allocation for operational assets. what are the various time based and activity- based methods used to
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