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What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
Q. What do you mean by Risk management contracts? In the normal course of business the Company utilizes a variety of off-balance-sheet financial instruments to manage its expos
What is Beer direct materials and raw materials? Raw materials are the basic materials and parts that are to be used in the manufacturing process Raw materials that can be ph
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. Common Stock ($10 stated value) $1,500,0
Liquidity Ratios (Short Term Solvency Ratios): These Ratios calculate the capability of the firm to meet its current obligations. They point out whether the firm has enough li
What is ACOUNTS RECEIVABLE LEDGER Businesses have several customers and individual businesses aren't assigned an account number they are just in alphabetical order. Accounts
Q. Example of accumulated depreciation account? The accumulated depreciation account doesn't represent cash that is being set aside to change the worn out asset. The un-depreci
Q. What is Purchase Discounts account? The buyer records the purchase discount merely when the invoice is paid within the discount period and the discount is taken. The Purchas
Woodie Limited issues $5 million in convertible bonds on 1 July 2012. They are issued at the fair value and pay an interest rate of 4 percent. The interest is paid at the end of ea
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