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Swift Corp., a capital goods manufacturing business that started on January 4, 2012, and operates on a calendar-year basis, uses the installment-sales method of profit recognition in accounting for all its sales. The following data were taken from the 2012 and 2013 records. 2012 2013 Installment sales $480,000 $620,000 Gross profit as a percent of costs 25% 28% Cash collections on sales of 2012 $130,000 $240,000 Cash collections on sales of 2013 -0- $ 160,000 The amounts given for cash collections exclude amounts collected for interest charges. Instructions (a)Compute the amount of realized gross profit to be recognized on the 2013 income statement, prepared using the installment-sales method. (Round percentages to three decimal places.) (b)State where the balance of Deferred Gross Profit would be reported on the financial statements for 2013. (c)Compute the amount of realized gross profit to be recognized on the income statement, prepared using the cost-recovery method.
use the below facts for each of years 201020112012 and 2013 to compute basic eps and diluted eps for 2013.2010 a
duradisc corporation produces two types of compact discs standard and high-grade. the standard cds are used primarily
a certain production process employs only labor l. output q is a function of labor given by the following relationship
wicoms financial statements as of december 31 2006.preferred stock- 100000 shares authorized issued and outstanding 10
Number of operational guidelines and practices that have developed over time - Fair value changes are not recognized in the accounting record
Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well.
1. explain at least two 2 advantages and two 2 disadvantages of the partnership business formation. provide relevant
in 2008 rebecca received a gift of stock worth 25000. the donors adjusted basis was 20000. the donor originally
Pooh wants to purchase a car on Jan 1, 20X5. She plans to make five payments of $700 each year, beginning Jan 1,20X0 in a money market fund that earns 9%. What will be the balance in the fund on Jan 1, 20X5?
Assume Jackson’s cash sales remain steady at $25,000 each quarter, credit sales are $600,000 in quarter 1, $520,000 in quarter 2, $480,000 in quarter 3, and $650,000 in quarter 4. What will Jackson’s cash collections from sales be for the quarter 3?
Assume a small office building has a total usable area of 40,000 square feet and 5,000 square feet of common area. Tenant Z occupies 6,000 square feet of usable area. What is Tenant Z's rentable area?
earnings and profits balances place the upper limit on the amount of dividend that shareholders must recognize for tax
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