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Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used. Information related to installment sales for 2016 and 2017 is as follows: 2016 2017 Sales $ 400,000 $ 500,000 Cost of sales 260,000 300,000 Customer collections on: 2016 sales 170,000 150,000 2017 sales - 200,000 Required: 1. Calculate the amount of gross profit that would be recognized each year from installment sales. 2. Prepare all necessary journal entries for the year 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Assume that Ajax uses the cost recovery method to account for its installment sales. 3-a. Compute the following: 3-b. Prepare all necessary journal entries for the year 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of $15,000. Carter made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was ma..
Es Co. produces a single product. Last year Es's net operating income under absorption costing was $3,600 lower than under variable costing. The company sold 10,000 units during the year and its variable costs were $9 per unit of which $1 was variabl..
he minimum cash balance desired is $10,000. What is the deficiency of cash before financing on August 30, 2015?
On December 20th WSS received sales return request in the mail from EWU. The request was approved and the acknowledgement copy mailed to EWU.
Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2012. Indicate where each of the cash inflows or outflows identified in would be classified on the statement of cash flows.
Evaluate Swobodaville's financial condition based on the partial list of factors given. That is, consider any observable trends in the data and what they could potentially mean. To compare the data, in some cases it is best to convert dollar figur..
You decide scenario - You have a small tax accounting preparation and bookkeeping practice. A new client enters your office and places a box of receipts and bank statements on your desk and says that she would like to have a set of financials prepare..
What does it mean to have gene cluster that code for globin proteins that compose Hemoglobin? How does this related to Hemoglobinopathies?
With regard to the treatment of capital losses by a corporation other than an S corporation, which of the following statements is false? If a corporation has a net capital loss, it cannot deduct the loss in the current year. When figuring a current-y..
at 31st december 2012 mnc still has the same three products in its inventory. updated information for every product
Koen Corporation has two divisions: Division A and Division B. Last month, the company reported a contribution margin of $44,000 for Division A. Division B had a contribution margin ratio of 30% and its sales were $217,000. Net operating income for t..
How much would the Materials Division's income from operations increase? If the negotiated price approach is used, what would be the range of acceptable transfer prices and why?
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