Prepare the entries on gramke
On January 6 Gramke Co. sells merchandise on account to Colt Inc. for $8,000, terms 1/10, n/30. On January 16 Colt pays the amount due.Prepare the entries on Gramke Co.'s books to record the sale and related collection.
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A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts:
Douglas Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900.
Upon close scrutiny of the statement of cash flows, Robert concludes that he can get the operating cash flows above $1 million by reclassifying a $60,000, 2-year note payable listed in the financing activities section as "Proceeds from bank loan -
Repare the adjusting entry at December 31, 2010, to record bad debts expense assuming that the aging schedule indicates that $10,800 of accounts receivable will be uncollectible.
How would you recommnd that the university maintain accounting control over the capital assets themselves - those that you did not record as assets in the governmental funds?
Part J88 is used in one of Quinney Corporation's products. The company makes 3,000 units of this part each year. The company's Accounting Department reports the following costs of producing the part at this level of activity.
If direct labor-hours are considered as the only overhead cost driver, what is the single cost driver rate for Blitzer Enterprises?
What reservations might you have as to the engineers' estimate of useful life? Why might any estimate of a highway's useful life be suspect?
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