EBK ADVANCED FINANCIAL ACCOUNTING
EBK ADVANCED FINANCIAL ACCOUNTING
11th Edition
ISBN: 8220102796096
Author: Christensen
Publisher: YUZU
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Chapter 14, Problem 14.10Q
To determine

Introduction:The Security Exchange Act of 1934 regulates the trading of securities and imposes reporting requirements on the companies whose securities trade on one of the stock exchanges. Companies with more than $10 million in assets and whose securities are held by more than 500 persons must file annual and other periodic reports as updates on their economic activities.

The role of public accountant in preparation of Form 10-Q, is interim report submitted to the SEC should be audited.

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The following data were selected from the records of Fluwars Company for the year ended December 31, current year:   Balances at January 1, current year:          Accounts receivable (various customers)    $    111,500Allowance for doubtful accounts         11,200   The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.   The following transactions occurred during the current year: Sold merchandise for cash, $252,000.Sold merchandise to Abbey Corp; invoice amount, $36,000.Sold merchandise to Brown Company; invoice amount, $47,600.Abbey paid the invoice in (b) within the discount period.Sold merchandise to Cavendish Inc.; invoice amount, $50,000.Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods.Brown paid its account in full within the discount period.Sold merchandise to Decca Corporation; invoice amount, $42,400.Cavendish paid its account in full after the discount…
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