On june 10, pharoah company purchased $7,600 of merchandise from cullumber company, terms 4/10, n/30. pharoah company pays the freight costs of $390 on june 11. goods totaling $500 are returned to cullumber company for credit on june 12. on june 19, pharoah company pays cullumber company in full, less the purchase discount. both companies use a perpetual inventory system. prepare separate entries for each transaction on the books of pharoah company.

Afreezer manufacturer might purchase sheets of steel, wiring, shelving, and so forth, as part of its final product. this is an example of what sub-classification of business market?

> > objectives define federalism and explain why the framers adopted a federal system instead of a unitary system. categorize powers delegated to and denied to the national government, and powers reserved for and denied to the states, and the difference between exclusive and concurrent powers.

Kandon enterprises, inc., has two operating divisions; one manufactures machinery and the other breeds and sells horses. both divisions are considered separate components as defined by generally accepted accounting principles. the horse division has been unprofitable, and on november 15, 2018, kandon adopted a formal plan to sell the division. the sale was completed on april 30, 2019. at december 31, 2018, the component was considered held for sale. on december 31, 2018, the company’s fiscal year-end, the book value of the assets of the horse division was $415,000. on that date, the fair value of the assets, less costs to sell, was $350,000. the before-tax loss from operations of the division for the year was $290,000. the company’s effective tax rate is 40%. the after-tax income from continuing operations for 2018 was $550,000. required: 1. prepare a partial income statement for 2018 beginning with income from continuing operations. ignore eps disclosures. 2. prepare a partial income statement for 2018 beginning with income from continuing operations. assuming that the estimated net fair value of the horse division’s assets was $700,000, instead of $350,000. ignore eps disclosures.