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Installment-Sales Method and Cost-Recovery Method) Swift Corp., a capital goods manufacturing business that started on January 4, 2010, and operates on a calendar-year basis, uses the installment sales method of profit recognition in accounting for all its sales. The following data were taken from the 2010 and 2011 records.
The amounts given for cash collections exclude amounts collected for interest charges.
(a) Compute the amount of realized gross profit to be recognized on the 2011 income statement, prepared using the installment-sales method.
(b) State where the balance of Deferred Gross Profit would be reported on the financial statements for 2011.
(c) Compute the amount of realized gross profit to be recognized on the income statement, prepared using the cost-recovery method.(CIA adapted)
you have been recently hired as a general manager of a family owned restaurant whose owners have decided to open up a
Mandarin Partners appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and 2015.
Calculate the following variances: Direct manufacturing labor rate variance, Direct manufacturing labor usage variance, Direct materials price variance (how we did it in the chat session), Direct materials usage variance
What seems to be the main reason for the change in stockholders' equity from the past year to the most recent year?
Classify each of the following processes as either a revenue process, expenditure process, conversion process, or administrative process:
ottawa corporation owns machinery that cost 29400 when purchased on january 1 2007. depreciation has been recorded at a
during 2013 the jkl restaurant had sales revenues and food costs of 830000 and 620000 respectively. during 2014 jkl
Under the IFRS revaluation model, what amount would be reported on the company's 2013 and 2014 balance sheets for the land and for the building? Show any necessary computations.
JJ Gargoyle Company is preparing their budget for next year. COGS sold has been estimated at fifty percent of sales. Product purchases and payments are to be made during the month preceding the month of sale.
Describe the current challenges that you are trying to address. BE SPECIFIC.
a standard costing system is the traditionally used costing system. it has two main purposes cost control and product
neal company would like to initiate a management development program for its executives. the program would cost 120000
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