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Question 1: On April 4, Fignola Company (FC) sold sweaters to one of its customers for $65,000 on credit terms of 3/15, net 30. On April 8, the customer contacted FC to say that the sweater colours did not match their original order. FC reached an agreement with the customer to keep the shipment and FC granted the customer a price reduction of $3,000. The customer paid the outstanding bill on April 15. The journal entry to be made by FC on April 15 is ?
Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet. Prepare in general journal form the necessary ..
If the company is able to produce and sell 44,000 chairs, how much will the company make on the chairs? What is the marginal cost of making one additional chair?
Lark Art Company sells unfinished wooden decorations at a price of $15.00. The current profit margin is $5.00 per decoration. The company is considering taking individual orders and customizing them for sale. To finish the decoration the company woul..
The audit of GolfDay Company, a manufacturer of bicycle racks and golf carts, is almost finished. Krista Heiss is the most experienced auditor on this audit and is in charge of performing review analytical procedures. What are some analytical procedu..
ACG2102 Evaluate it based on how clearly it identifies proper and improper behavior. Discuss its strengths and if, and how it might be improved
On January 1, Mojo Company purchased a new machine for $100,000 to be depreciated over 5 years. It will have no salvage value at the end of its useful life. For both book and tax purposes, depreciation will be $20,000 per year.
Evaluate the amount of depreciation expense recognized in Year 2, Year 3, and Year 4 under (a) the revaluation model of IAS 16 and (b) U.S. GAAP. Evaluate the book value of the building under the two different sets of accounting rules at 2 nd Janu..
Accumulate these costs by account. Assign the costs of salaries and commissions to selling expense and administrative expense by filling in the following table.
What was Kate's TOTAL rate of return for her investment in the AXB corporation?
BBC incurred $200,000 in accounting fees and $50,000 in banking fees related to this transaction. Illustrate what amounts should BBC record for the bonds upon issuance using US GAAP and IFRS?
What is consolidated net income for Green Tree and its subsidiary?
At the start of November, Penco Refinery had work in process inventory consisting of 4,000 units that were 90 percent complete with respect to materials and 50 percent complete with respect to conversion costs. Calculate the cost per equivalent unit ..
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