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Installment Sales-Default and Repossession Crawford Imports Inc. was involved in two default and repossession cases during the year:
1. A refrigerator was sold to Cindy McClary for $1,800, including a 30% markup on selling price. McClary made a down payment of 20%, four of the remaining 16 equal payments, and then defaulted on further payments. The refrigerator was repossessed, at which time the fair value was determined to be $800.
2. An oven that cost $1,200 was sold to Travis Longman for $1,500 on the installment basis. Longman made a down payment of $240 and paid $80 a month for six months, after which he defaulted. The oven was repossessed and the estimated fair value at time of repossession was determined to be $750. Prepare journal entries to record each of these repossessions using a fair value approach. (Ignore interest charges.)
Based on the result of 3) which is the better investment? Determine if the IRR for System A is higher than 15%.
this information relates to alexis co. for the year 2012. retained earnings january 1 2012 91147 advertising expense
How has the 2007-09 Global Financial Crisis affected the procedures of global economic governance?
Santo Company's adjusted trial balance on December 31, 2013, follows.
Calculate the payback period and the net present value for each investment. Show your calculations.
Investment in debt securities at premium. On April 1, 2014, West Company purchased $400,000 of 6% bonds for $415,750 plus accrued interest as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on July 1..
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Income statement, Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40 percent.
the service company. excellent maids cleans hotel rooms at resorts on hilton head island. excellent has identified
at the beginning of 2009 metatec inc. acquired ellsion technology corp for 600 million. in addition to cash receivables
Calculate the inventory value at the end of 2011 using the dollar-value LIFO method.
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