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The following transactions were selected from the records of OceanView Company: July 12 Sold merchandise to Customer R, who charged the $3,400 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee. 15 Sold merchandise to Customer S at an invoice price of $10,800; terms 3/10, n/30. 20 Sold merchandise to Customer T at an invoice price of $4,900; terms 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 25 Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31. What is the net sale?
most common federal income tax deductions for individuals. many of them could perhaps be classified as family-based
Indicate what accounts are increased and decreased by each transaction and journalize each transaction. (Omit explanations.)
superior lighting inc. mass produces reading lamps. materials used in constructing the body of the lamp are added at
fiberform industries produces a line of motorboats. the assembly department programs computerized equiptment to shape
ACCT567 Case Study I (Week 2), Prepare closing entries.Prepare a General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended June 30, 2012. Prepare a General Fund Balance Sheet as of June 30, 2012.
What are the pros and cons of management treating direct labor as a variable cost? Are there ethical issues to be considered here?
Looking to your neighborhood and businesses that you frequent, identify three different businesses and then state whether they would benefit most from the FIFO, LIFO or Weighted Average approach to accounting for their inventories. State a reason ..
keller cosmetics maintains an operating profit margin of 6.0 and asset turnover ratio of 4.0. a. what is its roa? round
fdp company produces a variety of home security products. gary price the companys president is concerned with the
How many units are in ending work in process inventory in the first processing department at the end of the month?
on march 1 2009 eckert and kelley formed a partnership. eckert contributed 73000 cash and kelley contributed land
What amount should Gunkel report as retained earnings as of March 1, 2011?
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