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On December 15, 2011 Risby Sales Co. sold a track of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payable on Dec.15,2012 and December 15, 2013. Ignore interest charges. Rigsby has a Dec 31 year end.a a realized gross profit of $100,000b. a deferred gross profit of $100,000c. an installment receivables (net) of 3,200,000d. an installment receivables (net) of $4,000,000
SF is a division of Sell.com, an internet retailer. SF operates two large server farms, each of which is a set of interconnected computers and hard drives that are used to process
Closing Entries: Expenses Below is a list of accounts with corresponding ending balances. Account: Account Balance a.Insurance Expense: $1,300 b.Cash: 750 c.Accounts Receivable: 4,
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material
How do i find the retained earnings? What is the formula to find retained earnings? What is the retained earnings? Accounts payable $ 5,000 Notes payable $ 7,000 Accounts receivabl
Profit is not cash flow: Adequate cash is essential to keep business running. Inadequate cash increases the risk of not being able to meet current obligations as and when the
1. How can a flexible budget help managers control costs? A flexible budget can help managers control costs by showing favorable and unfavorable variances within the planning o
As a recently hired accountant for a small business, Bearing, Inc., you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize
Ask questio. You have been appointed the accountant of a new organisation that is preparing its first set of financial statements. In determining the depreciation for the first yea
The following table represents the demand for a product for the years 1990 to 2007: a. Develop a linear trend line and use it to predict the quantity demanded for 2008,
The Major Assignment Business Case Study is about American Cable Communications' proposed acquisition of the firm Air Thread Connections. The case study is available from the folde
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