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Primo Industries collected $105,000 from customers in 2014. Of the amount collected, 25,000 was from services performed in 2013. In addition, Primo performed services worth $40,000 in 2014, which will not be collected until 2015.
Primo Industries also paid $72,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2013. In addition, Primo incurred $42,000 of expenses in 2014, which will not be paid until 2015.
a. Compute 2014 cash-basis net income.
b. Compute 2014 accrual-basis net income.
Many companies hold equity securities of other companies as investments. The journal entries and accounting methods differ, depending on the percentage of interest held. Discuss briefly the various categories of these investments and why the accou..
a sporting goods store purchased 7600 of ski boots in october. the store had 3600 of ski boots in inventory at the
What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet?
f contributes cash of 7500 and land worth 52500 basis of 16500 to an entity for a 75 ownership interest in the entity
On January 1, 2010, Parabolic Company issued 8% bonds with a face amount of $72.9 million, dated January 1. The bonds mature in 2025 (15 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually.
Henry transfers property with an adjusted basis of $95,000 and a FMV of $100,000 to a newly formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $85,000 and a short-term note with a $15,000 FMV. Henry's basis in the stock ..
Wilton, Inc. had net sales in 2012 of $1,400,000. At December 31, 2012, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. Wilton estimates that ..
on january 2nd premier sales borrows 13500 cas on a note payable from trusted lenders with terms 90 days 12. premier
a companys history indicates that 20 of its sales are for cash and the rest are on credit. collections on credit sales
if a firm has a breakeven point of 20000 units and thecontribution margin on the firms single product is 3.00 perunit
namo inc. is preparing its budget for the second quarter. the following sales data have been forecasted april may june
a predetermined overhead rate is based on direct labor-hours to apply manufacturing overhead to jobs. for a particular
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