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Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured and bad debt losses cannot be reasonably predicted. It is unlikely that repossessed merchandise will be in salable condition. Therefore, Reliable uses the cost recovery method. Merchandise costing $30,000 was sold for $55,000 in 2010. Collections on this sale were $20,000 in 2010, $15,000 in 2011, and $20,000 in 2012.
In 2011, Reliable would recognize gross profit of:
a. $0.b. $6,000.c. $5,000.d. $10,000.
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
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Sue ask for you to prepare a well organized and formatted schedule showing what the variable manufacturing cost is as a percentage of total sales for each of the three product sales for 2007.
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When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following..
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A new computer is purchased that can do the same job in 5 days. How long would it take to do the job with both computers working on it?
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