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Wizard Industries purchased $12,500 of merchandise on February 1, 2012, subject to a trade discount of 9% and with credit terms of 3/15, n/60. It returned $3,600 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.
(a) Assuming that Wizard uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
(b) Assuming that Wizard uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
Complete the stockholders' equity section of Milo's Company's balance sheet at December 31, 2010 below.
Prepare an income statement for February with a supporting cost of goods sold statement - Prepare Statements for a Merchandising Company
payback method lo3 assume a 200000 investment and the following cash flows for two products year product x product y 1
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The reconciliation from governmental changes in fund balances to governmental activities changes in net assets would reflect a(an):
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