Reference no: EM131119764
Installment-Sales Computations and Entries Paul Dobson Stores sell appliances for cash and also on the installment plan. Entries to record cost of sales are made monthly.
.PNG)
The accounting department has prepared the following analysis of cash receipts for the year.
Cash sales (including repossessed merchandise) $424,000
Installment accounts receivable, 2010 96,000
Installment accounts receivable, 2011 109,000
Other 36,000
Total $665,000
Repossessions recorded during the year are summarized as follows.
2010
Uncollected balance $8,000
Loss on repossession 800
Repossessed merchandise 4,800
From the trial balance and accompanying information:
(a) Compute the rate of gross profit on installment sales for 2010 and 2011.
(b) Prepare closing entries as of December 31, 2011, under the installment-sales method of accounting.
(c) Prepare an income statement for the year ended December 31, 2011. Include only the realized gross profit in the incomestatement.
|
Rhetorical analysis questions
: View the following YouTube video and answer the questions below from your handout, "Rhetorical Analysis Questions". This exercise will help you practice summarizing, analyzing, and evaluating a text while using rhetorical terms and concepts.
|
|
Prepare journal entries at the end of 2010
: Prepare journal entries at the end of 2010 to record on the books of Phillips Stores, Inc. the summarized data above.
|
|
What areas still present challenges
: Describe at least one quality improvement strategy used to address this issue. Then explain which of the six "aims for improvement" are addressed by the strategy. Finally, explain how inter-professional collaboration helps improve quality in this ..
|
|
How is the plaintext for the encrypted r recovered
: What is the ciphertext (in binary form) generated by the encryption of the character R? (Please show your work.) How is the plaintext for this encrypted R recovered? (Please show your work.)
|
|
Prepare an income statement for the year ended december
: Prepare an income statement for the year ended December 31, 2011. Include only the realized gross profit in the incomestatement.
|
|
Write down three test taking strategies
: For this assignment, think about a test you have coming up. Next, write down three test taking strategies you can use to prepare yourself for the test. Finally, think about who could help you with each strategy.
|
|
Analyze major events and technological advantages
: Analyze major events and technological advantages that influenced modern Health Care Information Systems. Consider the following events and technological advantages: Governmental Programs, Documenting Care and automation and Financial requirements an..
|
|
What can we do to help stop the hate crimes in the us
: In today's society, do you feel that hate crimes are more prevalent? Why is this? What can we do to help stop the hate crimes in the US?
|
|
What would you do to try and convince men
: If you are a case manager in a male prison, what would you do to try and convince men to participate in programs?
|