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METRO SHOES AND URBAN SOLE
Feb. 9 Number of boots sold by Metro Shoes 100
Cost of each boot sold by Metro Shoes $60
Purchase price of each boot to Urban Sole $100
Feb. 12 Delivery cost of merchandise $80
Feb. 13 Number of boots returned by Urban Sole 10
Feb. 19 Sole Mates paid remaining balance due within the discount period.
Required:
Problem (a) the journal entries for Metro Shoes?
Problem (b) the journal entries for Urban Sole?
Problem (c) Should Urban Sole take advantage of 1/10, n/30 cash discounts even if it must borrow money at an annual rate of 11%? Explain fully and illustrate with any supporting computations.
Financial Statement Analysis and Preparation
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