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On December 31, 2014, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $121,693, accepting $47,700 down and agreeing to accept the balance in four equal installments of $23,850 receivable each December 31. An assumed interest rate of 11% is imputed. Prepare the entries that would be recorded by Oakbrook Inc. for the sale on December 31, 2014. (Assume that the effective-interest method is used for amortization purposes.) (Round answers to 0 decimal places. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
In 2010, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $1,000,000. Steinrotter uses the percentage-of-completion method for financial accounting purposes.
Below are transactions for Hurricane Company during 2018. a. On October 1, 2018, Hurricane lends $7,700 to another company. The other company signs a note indicating principal and 12% interest will be paid to Hurricane on September 30, 2019. Record t..
Compute the net difference between the operating income under the accrual and cash bases. Express the net difference in (2) as a percent of operating income under the accrual basis.
Analyze governmental and nonprofit accounting procedures used for the preparation of financial statements to promote accountability in financial reporting and inform decision-making.
Using 16 percent as the minimum required rate of return, compute the residual income for each division. Which division is more successful under this rate?
you are believer that new employees should practice their accounting skills before throwing them into the fire.
Prepare calculations to show, from a financial perspective, the optimum production plan for June 2010 and the contribution that would result from adopting this plan.
The unadjusted trial balance as of December 31, 2013 for the Bagel Company appears below. December 31 is the company’s fiscal year-end. Enter the account balances into T-accounts. From the trial balance and information given, prepare adjusting entrie..
PDQ Repairs has 200 auto-maintenance service outlets nationwide. It performs primarily two lines of service: oil changes and brake repair. Oil change–related services represent 60% of its sales and provide a contribution margin ratio of 25%. Brake re..
Describe at least one major historical event that occurred in the business world in the past 20 years and discuss how this affected today’s accounting system of self-regulation. Describe the legislation that altered the self-regulation process of the..
Resser Corporation manufactures serving trays and utensils for use by airlines for meal service. Several airlines order these products in large quantities. Resser had adopted an activity-based management philosophy. Listed below are the principal act..
Listed here are a number of accounts: Land, Common stock, Merchandise inventory, Equipment, Cost of goods sold,
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