Reference no: EM13143645
On December 15, 2009, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in two equal annual installments payable on December 15, 2010, and December 15, 2011. Ignore interest charges. Rigsby has a December 31 year-end.
At December 31, 2010, Rigsby would report in its balance sheet:
A) Realized gross profit of $500,000.
B) Deferred gross profit of $400,000.
C) Realized gross profit of $400,000.
D) Cost of installment sales $1,600,000.
|
What would mcentire report as total retained earnings
: Assume McEntire Corp. restricted retained earnings in the amount of $70,000 on December 31, 2010. After this action, what would McEntire report as total retained earnings in its December 31, 2010, balance sheet?
|
|
Dr. brown wanted
: Dr. Brown wanted to study the effect of music on memory. She designed an experiment with three conditions: no music, happy music, and sad music. In each condition, participants would learn the same list of words with or without listening to music, an..
|
|
How much copper phosphate will be produced
: 200g of magnesium phosphate and 250.0g of copper bromide react, how much copper phosphate will be produced?
|
|
Identify domestic production activities deduction
: Identify domestic production activities deduction and explain its current treatment. Then, argue whether or not it should be allowed as a deduction. You can approach this question from an economic, social, revenue, or political perspective.
|
|
Installment sale method of accounting
: On December 15, 2009, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance..
|
|
Explain flet-compound generator has a shunt field
: Each pole of a 100kW, 250v flet-compound generator has a shunt field of 2000 turns and a series field of 7 turns. If the total shunt field resistance is 100 ohms
|
|
What is total overhead variance
: The total variance is $10,000. The total materials variance is $4,000. The total labor variance is twice the total overhead variance. What is the total overhead variance?
|
|
Calculate the heat capacity of ammonia
: You need 70.2K to raise the temperature of 34.0 g of ammonia from 23 c to 24 c. Calculate the heat capacity of ammonia
|
|
Explain why is happening and what can potentially result
: Kay has just had his wisdom tooth pulled. His dentist has had to administer a local anesthetic, which has resulted in partially numbing his oral cavity and pharynx.
|