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Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
Q. What is Owners invested cash? When Metro Courier Inc was structured as a corporation on 2010 June 1 the company issued shares of capital stock for USD 30000 cash to Ron Chan
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
A company absorbs overheads on machine hours that are budgeted at 11,250. The budgeted overhead is $281 250. Results illustrate actual hours of 10 980 and overhead of $276 652.
1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let
Steps in recording business transactions Look at Exhibit 5 to observe the steps in recording and posting the effects of a business transaction. Note that a source document offe
Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
o depreciation on the building has been recorded in 2016. Depreciation on the building is based on Double-Declining Balance. It was purchased on 1/1/15 and has an estimated useful
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Wings Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative 1%, preferred stock of $40 par, and 50,000 shares of $120 par common. Durin
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