Inventory costing methods-perpetual method chen sales corporation uses the perpetual inventory system. on january 1, 2015, chen had 1,000 units of product a with a unit cost of $20 per unit. a summary of purchases and sales during 2015 follows:

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Randolph is a 30% partner in the RD Partnership. On January 1, RD distributes $26,000 cash to Randolph in complete liquidation of his interest. RD has only capital assets and no liabilities at the date of the distribution.

A friend of yours has been thinking about quitting her regular day job and going into business for herself. She currently makes $61 comma 00061,000 per year as an employee of the Ajax Company, and she anticipates no raise for at least another year.

Name at least four factors that a lender investigates when considering whether you are creditworthy.

On July 1, 2020, Ayayai Corporation purchased Young Company by paying $257,800 cash and issuing a $139,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows.

Wheeling Inc. uses the aging of accounts receivable method. Its estimate of uncollectible receivables resulting from the aging analysis equals $6,900.

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In 2019, Grant's personal residence was completely destroyed by fire. He was insured for 100% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income before considering the casualty item of $30,000.