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Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used. Information related to installment sales for 2016 and 2017 is as follows: 2016 2017 Sales $ 400,000 $ 500,000 Cost of sales 260,000 300,000 Customer collections on: 2016 sales 170,000 150,000 2017 sales - 200,000 Required: 1. Calculate the amount of gross profit that would be recognized each year from installment sales. 2. Prepare all necessary journal entries for the year 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Assume that Ajax uses the cost recovery method to account for its installment sales. 3-a. Compute the following: 3-b. Prepare all necessary journal entries for the year 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
finding premium earned and losses incurred for forgetful insurance companybackground this project provides a set of
Changes in Variable Costs, Fixed Costs and Selling Price, and Volume. The marketing manager argues that a $5,000 increase in the monthly advertising budget would increase monthly sales by $9,000. Should the advertising budget be increased?
Compute for June, Schmidt Machinery Company's Purchase-price and usage variances for aluminum and Direct labor rate and efficiency variances.
Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow.
One of your wealthy clients, Cecile, invests $100,000 for sole ownership of an electing S corporation's stock. The corporation is in the process of developing a new food product. Have the corporation borrow the $100,000 from a local bank. Cecile is r..
Program the MRP for the Individual Project Problem below and solve it with the use of POM-QM for Windows. (Refer to Appendix IV in the Heizer and Render (2011) textbook.
Understand why organizations budget and the processes they use to create budgets, and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
Northern purchased the entire business of Southern including all its assets and liabilities for $687,750. Below is information related to the two companies:
outgrown her father's accountant and requires having new ideas to help her save tax dollars so she will reinvest more money in the business. prepare and expects to add six more locations in each of the next two years.
Cost classification into R&D, Design, Production, Marketing, Distribution, Customer service and Classify each cost item of Ripon Printers into one of the business functions of the value chain
Pineapple Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units during the month and had 10,000 units in process at month-end, 20% complete. Conversion costs associated with the beginni..
Compute Deltas Net sales revenue, cost of goods sold and gross profit - the periodic inventory system
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