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Problem: Blossom Company purchased equipment on January 1 at a list price of $100000, with credit terms 2/10, n/30. Payment was made within the discount period. Blossom paid $3000 sales tax on the equipment and paid installation charges of $1500. Prior to installation, Blossom paid $3000 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment? Please describe your solutions.
Fill journal entries appropriate to be recorded these transactions - In November sold $4,000 of gift cards. $700 of these was redeemed.
ABC’s credit terms are 1/6, net 41. Based on experience, 64 percent of all customers take the discount. ABC has annual credit sales of $184,738. What is the average investment in accounts receivable as shown on the balance sheet?
Find the Accounts Receivable. How much is the "net amount"? How much is the "gross amount"?. Do you think the Allowance for Uncollectible Accounts is a reasonable estimate of the uncollectible accounts? Why?
Rick has a $50,000 basis in the RKS General Partnership on January 1 of the current year, and he owns no other investments. He has a 20% capital interest, a 30% profits interest, and a 40% loss interest in the partnership. What is Rick’s distributive..
Journalize the transactions and indicate the financial statement presentation of the related accounts
Calcutron Company is contemplating introducing a new type of calculator to complement its existing line of scientific calculators.
Determine the consolidated balance for each of the following accounts as of December 31, 2011:Goodwill ..... Buildings (net)Equipment (net) . Dividends PaidCommonStock
Indicate which of the decisions relates primarily to (a) classification, (b) merchandising inventory, (c) periodic inventory system, or (d) operating cycle.
Prepare the general journal entries to record the purchase by A Ltd under AASB 3 Business Combinations and the payments to B Ltd. Narrations are not required.
Prepare the allocations schedule and the S&A consolidation journal entry for the December 31, 2009 consolidation worksheet.
What action accept or else reject the offer do you recommend to Valstar's management? Explain why you recommend this action
Interim reports. A few years ago, a publishing company in the fourth quarter had a net profit figure that exceeded sales for that quarter. Such a situation as this suggests that some difficult accounting issues are involved in interim reporting. What..
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