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Problem
Robbinsdale, Inc. is a merchandiser of stone ornaments. The company sold 7,000 units during the year. The company has provided the following information:
Sales Revenue $587,000
Purchases (excluding freight in) 305,000
Selling and Administrative Expenses 66,000
Freight In 13,000
Beginning Merchandise Inventory 43,000
Ending Merchandise Inventory 43,000
What is the cost of goods available for sale for the year?
On December 31, 2006, Giant-Petrel Corporation's Investment in Penguin Corporation account had a balance of $525,000. The balance consisted of 80% of Penguin's $600,000 stockholders' equity on that date and $45,000 of goodwill.
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What are the advantages and disadvantages of the corporate form of doing business
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Adjustment for Prepaid Rent Charles Company showed $63,000 in prepaid rent on December 31, 2011. On December 31, 2012, the balance in the prepaid rent account.
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