EBK ADVANCED FINANCIAL ACCOUNTING
EBK ADVANCED FINANCIAL ACCOUNTING
11th Edition
ISBN: 8220102796096
Author: Christensen
Publisher: YUZU
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Chapter 14, Problem 14.6.5E
To determine

Introduction: Securities Act of 1933 which is passed in 1933 for security exchange works with the motive to secure the investors so that they can get financial and other important information related to securities issued in public sale and also to have a check on activities like fraud, misrepresentation, etc.Regulation A tier I regulation provides exemption from registration for public offering and issues and has two offerings i.e. Tier I and Tier II. Tier I offering allows up to $ 20million within a year while tier II allows up to $ 50million within a year.

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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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