Church Company completes these transactions and events during March of the current year (terms for all its
credit sales are 2/10, n/30).
Mar.
pok
rint
$2,900).
erences
1 Purchased $43,600 of merchandise from Van Industries, terms 2/15, n/30.
2
Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is
$8,400).
3 (a) Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30.
3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is
$5,800).
6 Borrowed $82,000 cash from Federal Bank by signing a long-term note payable.
9 Purchased $21,850 of office equipment on credit from Speil Supply, terms n/30.
10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is
12 Received payment from Min Cho for the March 2 sale less the discount of $336.
13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the
discount of $872.
13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $204.
14 Purchased $32,625 of merchandise from the CD Company, terms 2/10, n/30.
15 (a) Issued Check No. 417 for $18,300, payee is Payroll, in payment of sales salaries
expense for the first half of the month.
15 (b) Cash sales for the first half of the month are $34,680 (cost is $20, 210). These cash
sales are recorded in the cash receipts journal on March 15.
16 Purchased $1,770 of store supplies on credit from Gabel Company, terms n/30.
17 Returned $2,425 of unsatisfactory merchandise purchased on March 14 to CD Company.
Church reduces accounts payable by that amount.
19 Returned $630 of office equipment purchased on March 9 to Spell Supply. Church
reduces accounts payable by that amount.
20 Received payment from Jovita Albany for the sale of March 10 less the discount of
$112.
23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the
March 17 return and the $604 discount.
credit to Joyita Albany, Invoice No. 857, for $14,910 (cost is
old marchandis
Answers: 3
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Georgia's gross pay was 35,600 this year she is to pay a federal income tax of 16% how much should georgia pay in federal income ax this year
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In early january, burger mania acquired 100% of the common stock of the crispy taco restaurant chain. the purchase price allocation included the following items: $4 million, patent; $3 million, trademark considered to have an indefinite useful life; and $5 million, goodwill. burger mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. what is the total amount of amortization expense that would appear in burger mania's income statement for the first year ended december 31 related to these items?
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Fanning company is considering the addition of a new product to its cosmetics line. the company has three distinctly different options: a skin cream, a bath oil, or a hair coloring gel. relevant information and budgeted annual income statements for each of the products follow. skin cream bath oil color gel budgeted sales in units (a) 110,000 190,000 70,000 expected sales price (b) $8 $4 $11 variable costs per unit (c) $2 $2 $7 income statements sales revenue (a × b) $880,000 $760,000 $770,000 variable costs (a × c) (220,000) (380,000) (490,000) contribution margin 660,000 380,000 280,000 fixed costs (432,000) (240,000) (76,000) net income $228,000 $140,000 $204,000 required: (a) determine the margin of safety as a percentage for each product. (b) prepare revised income statements for each product, assuming a 20 percent increase in the budgeted sales volume. (c) for each product, determine the percentage change in net income that results from the 20 percent increase in sales. (d) assuming that management is pessimistic and risk averse, which product should the company add to its cosmetics line? (e) assuming that management is optimistic and risk aggressive, which product should the company add to its cosmetics line?
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