Chapter 24, Problem 10DQ

Financial accounting

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On July 10, Queer Optics sells merchandise on account to Vision Plus (VP) for $5,200, terms 3/10, n/30. On July 14, VP returns merchandise worth $1,200 to Queer Optics. On July 18, VP completely fulfills its obligation to Queer Optics by making a cash payment. What is the amount of cash paid by VP to Queer Optics?

What is the amount of depreciation for the first full year, during which the machine was used for 4,800 hours of this financial accounting question?

What should be the balance in accounts receivable?

What is the direct labor efficiency variance?

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