The company''s gross profit rate
Murray's Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company's gross profit rate is 40%, Murray's will report monthly net sales revenue and cost of goods sold of?
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Accounts receivable from sales transactions were $45,338 at the beginning of the year and $63,068 at the end of the year.Net income reported on the income statement for the year was $141,294.
On November 3, this year, Kerry acquired and placved into service 7-year business equipment costing $80,000. In addition, on May 5th of this year, Kerry had also placed in business use 5-year recovery property costing $15,000.
A friend that has no money says he wrote me a check for $1,000,000 and put it in the mail several years ago and wants to know if I received it.
The long-term note payable bears interest at 1% per month. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2005 fiscal year.
Murray's Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company's gross profit rate is 40%.
Joan bought a business machine for $15,000 on January 1, 2010, and later sold the machine for $12,800 when the total allowable depreciation is $8,500.
The Worldwide Credit Card, Inc., uses standards to control the labor time involved in opening mail from card holders and recording the enclosed remittances.
In April 2011 of this year, Emma acquired a "used" machine for $60,000 for use in her business. The machine is classified as 7-year property. Emma does not expense the asset under Sec. 179.
In August of 2011, David acquires and places in to service business equipment costing $550,000. The equipment is classified as 5-year recovery property. No other acquisitions are made during the year.
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