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Question - Texas Corp. purchased merchandise during 2014 on credit for $200,000; terms 2/10, n/30. All of the gross liability except $30,000 was paid within the discount period. The remainder was paid within the 30-day term. At the end of the annual accounting period, December 31, 2014, 90% of the merchandise had been sold and 10% remained in inventory. The company uses the periodic inventory system.
a) Assuming that the net method is used for recording purchases, prepare the entries for the purchase and two subsequent payments.
b) What dollar amounts should be reported for the ending inventory and cost of goods sold under the (1) net method and (2) gross method? Assume that there was no beginning inventory.
Compute the weighted average cost of the fuses and air filters being sold of Trot implements the weighted average method to inventory these supplies
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The Adam corporation sells a single product for $8 per unit. Fixed manufacturing expenses total $14,500 per month and variable manufacturing expenses are $2.50.
Lunox Bank granted a 12%, P5,000,000 loan to Nana Company.What is the balance of direct origination cost on December 31, 2020
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for turgo company variable costs are 60 of sales and fixed costs are 185000. managements net income goal is 88170.
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Calculate the balance of Sarah Bredy - Capital, as of the end of the year and Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance?
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