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The Abbott Corporation sells merchandise on the installment basis, and the uncertainties of cash collection make the use of the installment sales method of accounting acceptable. The following data relate to two years of operations.
2011 2010
Installment Sales $480,000 $560,000
Cost of Installment Sales 300,000 364,000
Gross Profit 180,000 196,000
Gross Profit Percentage 37.5% 35%
Cash Collections:
2011 Sales $190,000 210,000
2012 Sales -- 235,000
Prepare Journal Entries for 12/31/2011 and 12/31/2012
Edward operates an illegal drug-running business and has the following items of income and expense. What is Edward's adjusted gross income from this operation?
The CEO of your company has asked you to prepare a written presentation to be given at the next board of directors meeting on why different types of cost information need to be reported to support different managerial purposes and decisions. In a ..
Mary bought 100 share of Ford Motor Company stock in 2008 at $40 per share. It is now values in 2010 at $50 per share. How much tax liability will Mary have when she submits her 2010 tax forms to the federal government?
Explain why manufacturing overhead costs cannot be directly associated with any particular product, and how such costs are allocated to each of several company's products under the so-called traditional approach to overhead allocation.
Why might overhead be under-applied and how can you prevent it? Explain predetermined overhead rate and show its computation. What is the best allocate base to use and why? What factors do you consider when deciding on an allocation base?
When the incremental revenues and expenses are analyzed, what is the financial impact?
The cost of capital is affected by a number of factors. Some are beyond the firm's control, but others are influenced by its financing and investment policies. A firm can affect its cost of capital through its capital structure policy, dividend po..
These are the only repairs required in 2010 for this copier. Based on experience, Lee expects to incur warranty costs equal to 3% of dollar sales. It records warranty expense with an adjusting entry at the end of each year
Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Prepare material and labor journal entries
If the December 31 inventory is targeted at $41,500, budgeted purchases for the fourth quarter should be:
Omicron Co. made a justifiable change in its method of accounting for long-term contracts. The cumulative effect of this change in accounting principle should be reported in comparative financial statements:
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
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