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Question - Libscomb Technologies' annual sales are $5,474,941 and all sales are made on credit, it purchases $3,496,509 of materials each year (and this is its cost of goods sold). Libscomb also has $546,441 of inventory, $485,834 of accounts receivable, and beginning and ending of year $442,166 and $483,633 accounts payables (respectively). Assume a 365 day year. What is Libscomb's Cash Cycle (in days)?
Based on the information above, determine Scott's net capital gain or net capital loss for the year ended 30 June of the current tax year
On September 15, the City decided to borrow $200,000 in 90 day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will inc..
On January 1, 2008, Michelle Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.
Beta received P260,000 as a result of liquidating the partnership when 60% of the noncash assets. What is the loss on realization of noncash assets
On 1 January 2011 mach Co purchases a debt instrument for its value of 1,000 shs. How should mach Co. account for the debt instrument over its five year term
Consideration of client compliance with debt provisions is important to an audit is that violation of such debt provisions may affect the total recorded
Which can be edited once a reconciliation has been recorded? Finance charges processed on overdue customer accounts are recorded in QuickBooks as
When are substantial unpaid fees outstanding from previous audit work? the auditor should seek removal from office./ the audit opinion should be withheld.
How much sales are required to earn a target income of $80,000 if total fixed costs are $100,000 and the contribution margin ratio is 40%
Prepare journal entries to record for the month of October:(Credit account titles are automatically indented when the amount is entered
d is the sole shareholder of a corporation and e owns a sole proprietorship. both businesses which were started in the
What should be the center of gravity x-coordinate for the new hub? What should be the center of gravity y-coordinate for the new hub?
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