purchased with an invoice taos Company merchandise resalefrom TusconCompany for Taospaidwithin the n160. merchandise costTuscon The had and termsof 2110‚ $14‚322. $21‚000 credit period. inventory system. Assume bothbuyer seller a perpetual that and use discount (Omit the "$" sign in your l(a)Prepare entriesthat the buyershouldrecordfor the purchase. response.) General Journal Merchandise inventory payable lAccounts Debit l‚:J l Credit | 21‚000 *****-**r*i i {"?1‚oqa (Omitthe "$" sign in your
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ACCT 2300 Final Exam Review Sheet 1. Chapter 1 a. Types of businesses b. Purpose of accounting & Primary users of information c. Purpose of Financial Statements d. Conceptual Framework 2. Chapter 2 a. Objectives of Financial Reporting b. Financial Statements – Know how to calculate each and all the parts in them b.i. Income Statement – Single and Multi-Step Net Sales - COGS Gross Profit Operating Expenses: - General and Administrative Expenses - Selling Expenses
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be subject to tax withholdings‚ and social security benefits payments. Fringe benefits commonly include health insurance‚ group term life coverage‚ education reimbursement‚ childcare and assistance reimbursement‚ cafeteria plans‚ employee discounts‚ personal use of a company owned vehicle and other similar benefits. Company Pension Scheme A company pension scheme is a plan‚ fund or scheme which provides retirement income. It is important to shareholders and private companies. In Malaysia
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FRS 19 Deferred Taxation Summary Full provision for deferred taxation now required Accelerated capital allowances Pension costs Unrealised group profits Interest costs capatilised Unrelieved tax losses Other short term timing differences Not for: ` Re-valued fixed assets Rollover relief availed of Remittance of overseas sub. Recognise DT asset if it is more likely than not to be recovered Where assets continually re-valued to fair value: provide DT Permits discounting Use tax rates enacted or
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Five (5) price adjustment strategies Discount and allowance pricing This is when companies adjust their price to reward customer for certain response. Such as early payment of bills and buy one get one half price or free. The many form of discount include a cash payment discount‚ a price reduction to buyers who pay their bills promptly. For examples “2/10 net 30‚” this means although payment is due within 30 days‚ the buyer can deduct 2 percent if the bill is paid within 10 days. Also buyers
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Governmental and Nonprofit Accounting: Theory and Practice‚ 10e (Freeman) Problems – Chapter 5 Problem 1 – Matching: Match the Resource Flow with the Type of Revenue Listed below in the left column are some events that may or may not be revenues for the General Fund. Listed in the right column are the classifications of revenues for governmental funds. Correctly match each event with the appropriate revenue classification. Unless specifically stated otherwise‚ assume all amounts are earned‚ measurable
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11-1 11-1 PRINCIPLES OF MARKETING Eighth Edition Philip Kotler and Gary Armstrong Chapter Chapter 99 Pricing Products: Pricing Strategies Copyright 1999 Prentice Hall Price Price -- Quality Quality Strategies Strategies 11-2 11-2 Price Quality Higher Lower Higher Lower Premium Strategy Good-Value Good-Value Strategy Strategy Overcharging Overcharging Strategy Strategy Economy Economy Strategy Strategy Copyright 1999 Prentice Hall New New Product Product Pricing Pricing Strategies
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Financial Statements convey the following information to different parties: 1. Financial Condition / Position (status of assets‚ liabilities and owner’s equities) 2. Financial Performance / Results of Operations (net income or net loss) 3. Financing and Investing Activities International Accounting Standards (IAS) - The accounting setting body that makes the Generally Accepted Accounting Principles (GAAP). 1. Going Concern Concept - Business is to continue its operations indefinitely. 2. Entity Concept
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Pricing Strategy Today’s Agenda • Announcements • Chapters 9 & 11 May 6‚ 2015 Refresher • Branding • New product development (NPD) – NPD process • Product life cycle (PLC) – Product development‚ introduction‚ growth‚ maturity‚ decline – Dealing with declining products – Extending the PLC Review Questions A few review questions from chapters 8 & 9 Annie is planning to buy a new washing machine. She notices that they come in numerous price ranges. She wants to make sure she gets the most
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E7-2 (Determine Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation‚ determine the amount that should be reported as cash. 1.Checking account balance $925‚000; certificate of deposit $1‚400‚000; cash advance to subsidiary of $980‚000; utility deposit paid to gas company $180. $ 2‚325‚000 Cash balance of $925‚000. Only the checking account balance should be reported as cash. The certificates of deposit should be reported as a
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