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Salvadore Inc., a local retailer, has provided the following data for the month of September:
Merchandise inventory, beginning balance $ 49,500Merchandise inventory, ending balance $ 42,900 Sales $268,500 Purchases of merchandise inventory $138,700 Selling expense $ 18,800 Administrative expense $ 53,800
The net operating income for September was:
a) $50,600
b) $130,800
c) $129,800
d) $48,300
Jordan and O'Neil allow James to purchase a 20% interest in their partnership for $60,000 cash. James has marketing skills needed by the partnership. Jordan's current capital balance is $40,000 and O'Neils is $35,000. The partners agree to share inco..
Let's examine unearned revenue and revenue recognition using an example. When I lived in Arizona I was a season ticket holder to Arizona Diamondbacks (D’backs) games. In the autumn of each year I paid for season tickets for the next season. The ticke..
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..
journal entry to record sales and cost of sales.on 315 janets spa purchased 90 plush robes from randys spa supplies.
It is crazy to see that Staples is on the decline because it has been one of those companies that has always been around but it makes sense that Amazon and Walmart are the main competitors because they continue to innovate their model. What has stapl..
If an analysis of the general ledger accounts indicates that equipment, which had cost $168,000 and on which accumulated depreciation totalled $135,000 on the October 1st was sold for $20,000. During 2009 the depreciation on the equipment was $30,000..
"High correlation between two variables means that one is the cause and the other is the effect." Do you agree? Explain. What is a cost function? What are the assumptions that are used to estimate cost functions? “Relevant costs for pricing decisions..
the subsequent data are available for ruggles company for the year ended september 3020x5.sales24000 units at amp50
On January? 1, 2014?, Spacepower ?Inc., purchased $70,000 face value of the 2?% bonds of Service Express, Inc.?, at 108. The bonds mature on January? 1, 2019. For the year ended December? 31, 2017?, Spacepower received cash interest of $1,400. What w..
Prepare two analyses of Kamp’s alternatives, one showing no explicit opportunity cost and the second showing the explicit opportunity cost of the decision to hold the present home.
Prepare Mr. Garcia's adjusting entries in General Journal form. Prepare an Income Statement for the month ending December 31, 2014, a Statement of Owner's Equity and a Balance Sheet as at December 31, 2014.
ABC Solar Company produces garden lamps. the annual fixed costs are $110,00 and variable cost to make the solar garden lamps is $7.00 per unit. The expected selling price is $15.00. Determine the numbers of units need to sell to break even. What is t..
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