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Question - The Shop has been operating using the gross purchases method under a perpetual inventory system. All of the Shop's suppliers are GST registered (15%), as well, and all purchases and sales take place on credit. Management has decided to use the James brand of basketball for this exercise. On 1 July, there was a balance of $2,300 in Accounts Payable relating to a James basketball purchase completed in June. Had the net purchases method been used, the balance would have been $2,254.
12 July Received $2,254 from Westbrook Ltd within the discount period, representing payment for ½ of the invoiced amount.
If the credit to accounts receivable is for $2,300, what is the dollar amount of the debit to GST clearing? If there should not be a debt to GST clearing, specify so. Assume GST is 15%.
Your investment advisor wants you to purchase an annuity that will pay you $25,000 per year for 10 years, what is the most you should pay for this investment
Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010. Preparation of a pension worksheet is not required. Benefits paid in 2010 were $35,000.
1. Companies disclose the impact of new accounting pronouncements in the footnotes to their financial statements(Usually in the Summary of Significant Accounting Policies).
which of the following is not a mechanism that helps aligning management and owner interests?a possibility of a hostile
Explain how to perform a vertical analysis of financial statements. Provide an example of how results of this analysis could be used to make business decision
a company has current assets of 600000 and current liabilities of 240000. the board of directors declares a cash
During 2016, Seth Britain Lab supplied hospitals with a comprehensive diagnostic kit for $150. At a volume of 85,000 kits, Seth had fixed costs of $1,150,000.
lemon co. sells 1000000 of 10 bonds on august 1 2014. the bonds pay interest on february 1 and august 1. the due date
Innova also incurs 5% sales commission ($0.35) on each disc sold. Mudd Corporation offers Innova $4.75 per disc for 5,000 discs. Mudd would sell the discs under its own brand name in foreign markets not yet served by Innova.
Identify various levels and types of strategy in a firm
Prepare journal entries to record the transactions and closings for 2020. The company uses a Cash Dividends account when dividends are declared
A manufacturing company spends $400,000 for the purchase and installation of a fully automated. Compute the after tax NPW of this endeavor for the company.
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