Apache company sold a parcel of undeveloped land to a

Assignment Help Accounting Basics
Reference no: EM13569705

Apache Company sold a parcel of undeveloped land to a construction company for $4,300,000. The book value of the land on Apache's books was $1,720,000. Terms of the sale required a down payment of $172,000 and 24 annual payments of $172,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2014. Apache has no significant obligations to perform services after the sale. What should be the balance in the deferred gross profit account at the end of 2014 applying the installment sales method.

Reference no: EM13569705

Previous Q& A

  Reagan corporation computed income from continuing

reagan corporation computed income from continuing operations before income taxes of 4500000 for 2013. the following

  Using the following data complete the requirements given

instructions using the following data complete the requirements given below. when you are given amounts to assume as

  The most recent financial statements for abc company are

the most recent financial statements for abc company. are shown here income statement sales 8600 costs6020 net income

  5 years 5000 hours of usage jan 2008 purchased 460000

5 years 5000 hours of usage jan 2008 purchased 460000 salvage value of 60000 at end of 5 years 2008 usage was 1200

  Watchthevideoandreadarticlesaboutthezimbardoprisonexperiment

politicalanalysishttpwww.simplypsychology.orgzimbardo.htmlsthash.1ehvqsoe.dpbshttpwww.youtube.comwatch?vszwfns1pqg01.wat

  Periodic inventory by three methods the units of an item

periodic inventory by three methods the units of an item available for sale during the year were as follows jan.1

  Phillip regan ceo of relief dynamics inc a large defense

phillip regan ceo of relief dynamics inc. a large defense contracting firm is considering ways to improve the companys

  Flip company purchased equipment on january 1 2011 for

flip company purchased equipment on january 1 2011 for 90000. it is estimated that the equipment will have a 5000

  Explain why it is important for you personally to

explain why it is important for you personally to understand the beliefs of other religious groups.explain at least one

  The sales manager feels that an 7800 increase in the

memofax inc. produces memory enhancement kits for fax machines. sales have been very erratic with some months showing a

Reviews

Write a Review

 

Similar Q& A

  The articles of partnership provide for salary allowances

daja and whitnee had capital balances of 140000 and 160000 respectively at the beginning of the current fiscal year.

  Flowchart for company new on-line cash receipts procedures

Prepare a systems flowchart for the company's new on-line cash receipts procedures. Have the new cash receipts procedures as designed and implemented by Consolidated Electricity Company created any internal control structure problems for the compan..

  Problem regarding to common stockholders

Bunting Corporation had net income of $250,000 and paid dividends to common stockholders of $50,000 in 2007. The weighted average number of shares outstanding in 2007 was 50,000 shares.

  Can kristen deduct the dinners she purchased

During the year, Krisiten holds two jobs. After an eight-hours day at the first job, she works three hours at the second job. On Fridays of each week, she returns home for dinner before going to the second job.

  What should we consider next

if a loss contingency is probably or estimable but not both, what should we consider next? What must we disclose to the readers of the financial statements?

  Contribute the maximum allowable to his companys

Ken is single and earns a salary of $60,000 per year. He also receives $4,000 a year in taxable interest and dividend income. Ken would like to contribute the maximum allowable to his companys qualified pension plan.

  Do you agree with the president conclusion

After seeing the figures, Roaming's president remarked that it would be foolish for the company to continue to produce the handlebars at $38 each when it can buy them for $35 each.

  Purpose of accounting information system

Discuss the purpose of the accounting information system and why it's important for an accounting major to understand it.

  Governmental accounting-internal service fund depreciation

Depreciation of general capital assets is not recorded in the accounts of any of the governmental funds. If a building is transferred from the General Fund to an internal service fund because the character of its use changes, should the internal s..

  Record the issuance of the stock

The Harvester Corporation issued 40 shares of $20 par value stock to its accountant. The shares are in full payment for her $900 fee for assistance in setting up the new company. The entry to record the issuance of the stock would include a:

  Who was appraising accounting education

Who was appraising accounting education had the premises - Which type of reasoning was the individual using?

  Calculate the economic rate of return on common stock

Which of the following formulas should be used to calculate the economic rate of return on common stock?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd