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Q. Explain about delivery expense?
When shipping goods FOB destination freight prepaid the seller is accountable for and pays the freight bill. For the reason that the seller cannot bill a separate freight cost to the buyer the buyer shows no entry for freight on its books. The seller though has undoubtedly considered the freight cost in setting selling prices. The following entry is necessary on the seller's books
While the terms are FOB destination the seller records the freight costs as delivery expense this selling expense appears on the income statement with other selling expenses.
Illustrate Sales returns.
Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698
What is Purchase Returns?
The following difference among financial and taxable income were reported by Dider Corporation for the current year (a) Excess of tax depreciation over book depreciation-------
Beth Clark is an Accounting Manager at Specialty Products Corp. One afternoon in early January 2012, her boss, Controller Dan Greene, met with her and stated the following, "Beth,
Goods returned to Karl 2000
A wholesaler lists a refrigerator model at a price of $850 and offers a chain discount of 20% and 10%. What is the net price? A. $476 B. $595 C. $612 D. $644
Q. What do you mean by work sheet? The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusti
profit
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
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