MGAB01H3 Chapter Notes - Chapter 10: Quick Ratio, Deferred Income, Petro-Canada

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MGAB01H3 Full Course Notes
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MGAB01H3 Full Course Notes
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Amount of current liability: deferred passenger revenue. [=,000 x . 09 x (2/12): deferred subscription revenue ,800, none, assuming that the amount due was paid within 30 days, none, because the bill relates to calls made in january 2015. Cash ( a) (assuming no reversing entries on jan. 1, 2015. ) Cost of sales (+e se) [,000 x 60%] 2 (adjusting and reclassification entries, dec. 31, 2015) Note: in practice, specific accounts would be used. Accrued interest payable (+l) (,000 x 6% x 8/12 = ,000) * it is assumed that the deferred income tax liability is a current item. Effect on quick ratio assuming the ratio is less than 1. 0 prior to each transaction/ entry: January 2, 2015 cash ,000 accrued interest payable. ,073 + x 365 = 966; x = . Payments to customers in exchange for returned products.

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