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In 2014 year, what is the correct way to treat the trade debtor / trade creditors?
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Hi I have a trade debtor/trade creditor question. In 2013, my client has trade debtor of $50,000 and trade creditor of $100,000. When we do 2013 tax return, we claimed these income and expenses (even though they were not paid or received). In 2014, my client still has trade debtor of...
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Traded in a copy machine that had been purchased for $5200 on December 29, 2009. Straight-line depreciation of the old copier has been based on estimated useful life of five years, with salvage value of $800. The new copier had a purchase price and value of $12000. Received a trade-in allowance of...
The impact of credit card sales, sales discounts, and sales returns on net sales
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Total gross sales for the period include the following: Credit card sales (discount 3%) $ 9,400 Sales on account (2/15, n/60) $ 10,500 Sales returns related to sales on account were $500. All returns were made before payment. One-half of the remaining sales on... View more questions Search
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