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30% of total sales are cash sales. 70% of total sales are on credit. Actual receipts from Accounts Receivable are 80% of the previous month's credit sales and the balance of 20% owing is received in the following month. Actual credit sales were $60,000 in both August and September 2020.
Problem 1: what is the accounts receivables for October? November? December?
Received a check as payment in full of the November 24 invoice from customer Robert Wise (11330). The $25,500 invoice on this sale was number U2000. Remember, the wholesale division of Uptight Tools offers credit terms of 2/15, n/30 to all retail cus..
Assume the firm uses all of its excess cash for a stock repurchase. Which of the following would M&M say is the price per share be after the repurchase?
greeting card industry position and formulating planany strategic decision must be evaluated with careful consideration
Michaels Company segments its income statement into its East and West Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $580,000, 50%, and $29,000, respectively. The West Division’s contribution margin an..
The real estate is subject to a $1,700,000 mortgage and Nathan made taxable gifts in 2005 totaling $2 million at which time he claimed the maximum unified credit of $345,800 and paid gift tax of $435,000. Illustrate what is the amount of his estat..
On January 1, 2013, Pacer Company paid $1,920,000 for 60,000 shares of Lennon Co.'s voting common stock which represents a 40% investment. What was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of Dece..
Which finance method from Section A is best for this company and provide a brief explanation why? Piper Pickle Company is a major packer of pickles and pickled products (horseradish pickled watermelon rinds, and relish, and peppers). The company's st..
Make all the entries for Marsh Bhd. associated with the transfer of the accounts receivable, the loan, and the remittance to the finance company.
The Ess Kay Refrigerator Company, Calculate the after-tax cost of the issue. What would be the after-tax cost if the debenture were sold at a premium of Rs 30?
Calculate the monthly installment. Akbar purchased Honda Civic car through bank lease financing. The total value of the car is Rs 3,600,000.
When a company gives a cash refund on returned merchandise, why doesn't it just reduce Sales Revenue instead of using a contra-revenue account?
Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.
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