ORIE 3150 Homework #3 Fall 2011 - ORIE 3150 Homework #3 Due...

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ORIE 3150 Homework #3 Due September 21, 2011 You may wish to keep a copy of this homework, as this may not be graded and returned to you prior to the first prelim exam. 1. P4-2A from the text 2. P5-7B 3. DeffTone Industries sells specialty audio equipment. On February 14, 2007, the company sold new audio equipment to Cornell University for $1,800. DeffTone received a gross margin of 35% on the sale. The equipment was sold on the terms 1%10, net 30. DeffTone uses the periodic inventory system. On February 19, 2007, Cornell University’s check for payment was received. a) Show DeffTone’s February 14 journal entry. b) Show DeffTone’s February 19 journal entry. 4. The following information is available for the Watkins Corporation. For the balance sheet accounts, the year-end amounts are given, the income statement amounts are for the year listed. 2002 2001 2000 Net Sales (total) $325,500 $290,400 $280,500 Net Credit Sales $120,700 $140,600 $150,200 Accounts Receivable $22,800 $19,400 $14,000
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This note was uploaded on 09/30/2011 for the course ORIE 3150 at Cornell University (Engineering School).

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ORIE 3150 Homework #3 Fall 2011 - ORIE 3150 Homework #3 Due...

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