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NCT Inc purchased P200,000 worth of goods with trade discount of 15% and 10% from the list price. Freight charges is P5,000 and payment terms is 2/10, n/30. Problem 1: What is the cost of inventory?
Innovation Cycles uses the FIFO inventory method. Innovation started March with 10 bicycles that cost $60 each. On March 16, Innovation bought 20 bicycles at $70 each. On March 31, Innovation sold 25 bicycles. Prepare Innovation’s perpetual inventory..
Are the recovery measures taken by the company correct? Why? A company repeatedly contacted or attempted to contact a customer
be you apparel inc. is considering two investment projects. the estimated net cash flows from each project are as
Which flow of funds between countries has increased as a result of tax differences among countries, speculation on exchange rate movements, and?
NNN had separate income of $100,000 in 2015. The parent company, AAA Incorporated, owns 80% of NNN. AAA would report investment income from NNN in 2015 of
Assume materiality for the financial statements as a whole is? $100,000 and performance materiality for accounts receivable is set at? $40,000. If the auditor finds one receivable that is overstated by? $55,000, what should the auditor? do?
Identify the principle of internal control that is violated. Next, recommend what the business should do to ensure adherence to principles of internal control.
Journalize the transactions above (assuming the retirements were the first ever recorded by AIM Inc.). The company does not use a share dividends account.
George purchased a life annuity to provide him monthly payments for as long as he lives. Based on IRS tables, George's life expectancy is 100 months.
Record all appropriate journal entries for Summer Fun Inc. (lessor) and Icecream Party LLC (lessee) on September 30, 2020. Please clearly label your entries.
The firm had a beginning inventory of $28, 000 and an ending inventory of $30, 0000. What is the length of the days sales in inventory
Nicole’s business uses the accrual method of accounting and accounts for inventory with specific identification. In year 0, Nicole received a $4,500 payment with an order for inventory to be delivered to the client early next year. How would Nicole a..
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