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Problem 1: On September 12, Ryan Company sold merchandise in the amount of $8,600 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,400. Johnson uses the periodic inventory system and the net method of accounting for purchases. The journal entry that Johnson will make on September 12 is:
Multiple Choice Option 1: Merchandise inventory5,400 Accounts payable 5,400 Option 2: Purchases8,600 Accounts payable 8,600 Option 3: Purchases8,428 Accounts payable 8,428 Option 4: Accounts payable8,600 Merchandise inventory 8,600 Option 5: Merchandise inventory8,428 Accounts payable 8,428
Prepare a merchandise purchases budget for the months of JUL
Make a recommendation to Wally Wizard in a 3- to 4-page paper. Be sure to support your recommendation with the decision-making process outlined in the background information.
1.When does an option granted with the sale of a good or service give rise to a separate performance obligation in the contract?
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Assume that the constant growth model applies to Malini Oil Mills Limited. What is the expected growth rate of Malini Oil Mills Limited?
Believe that the company should follow, explaining the basis for your recommendation. Also describe how much revenue to recognize and when?
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