During lunch at a local pie shop, Fred, a stockholder in SuperSize Industries, Inc., Frieda, an employee of SuperSize, Nick, a SuperSize customer, and Blanche, an elderly woman who lives adjacent to the SuperSize factory, were talking to Evelyn and
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Wordmill Publications purchased a printing machine for $40,000 on January 1, 20X1. On December 31, 20X5, it sold the printing machine for $25,000. The book value of the equipment on the date of sale was $20,000.
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Account balances at the beginning of the year were: accounts receivable, $180,000; and inventory, $270,000. All sales were on account. Assume that Castile Products, Inc., paid dividends of $2.55 per share during the year.
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Assume the following unadjusted account balances at the end of the accounting period for Emmie Company: Accounts Receivable, $300,000; Allowance for Doubtful Accounts, $4,200 (debit balance); and Net sales, $3,600,000.
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