Reference no: EM131292105
A wholesaler ordered 14 bolts of drapery fabric at $5.50 per yard. Each bolt had 60 yards. The order qualified for a quantity discount of 2%. The merchandise was shipped FOB factory; freight charges of $21.80 were prepaid. The invoice was dated March 18 with terms of 2/15, N/30. How much should be remitted if the invoice is paid on March 29?
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What rate of return would your uncle earn on his investment
: Assume that you own an annuity that will pay you $15,000 per year for 12 years, with the first payment being made today. Your uncle offers to give you $120,000 for the annuity. If you sell it, what rate of return would your uncle earn on his investme..
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Maximum amount of debt on which liam can deduct interest
: Ten years ago, Liam, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Liam owed $140,000 on the mort..
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The sole shareholders of offshore development
: Jamal and Tamara Brown are the sole shareholders of Offshore Development, Inc., an S corporation. Last year, Offshore Development employed the Brown's son, Jason, and paid him a $60,000 salary. During a recent IRS audit, the revenue agent discovered ..
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Pen image agreed to the reduction
: On June 27th, Pen Image Inc. sold Marden Company 10 dozen (120) ball point pens with the Marden Company logo printed on each pen. The pens cost $27 per dozen for a total of $270. Marden was granted credits terms of 3/15, net 45. Pen Image agreed to t..
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The order qualified for quantity discount
: A wholesaler ordered 14 bolts of drapery fabric at $5.50 per yard. Each bolt had 60 yards. The order qualified for a quantity discount of 2%. The merchandise was shipped FOB factory; freight charges of $21.80 were prepaid. The invoice was dated March..
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Flexible overhead budget
: Wiki Wiki Company has determined that the variable overhead rate is $4.50 per direct labor hour in the Fabrication Department. The normal production capacity for the Fabrication Department is 10,000 hours for the month. Fixed costs are budgeted at $6..
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How much of the loss is deductible this year
: Selena Rodriguez owns and actively manages Lakeview Gardens, an apartment complex on Lake Lure. In 2013, Lakeview Gardens generated a $31,480 net loss. If Selena’s AGI before considering this loss is $175,500, and she owns no other passive activities..
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Direct -labor efficiency variance
: During March, Manhattan Fabrics Cooperation manufactured 1,000 units of a special multilayer fabric with the trade name Stylex. The following information from the Stylex peoduction department also pertains to March. Compute the following variances fo..
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Calculate the amount of sales revenue reported
: The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005: January 1, 2005 December 31, 2005 Accounts receivable 50,000 71,000 Inventory 39,000 28,000. Calculate the amount of sa..
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