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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 2013 and 2014 is as follows: 2013 2014 Sales $ 370,000 $ 470,000 Cost of sales240,500 282,000 Customer collections on: 2013 sales 155,000 135,000 2014 sales 185,000 Required: 1. Calculate the amount of gross profit that would be recognized each year from installment sales. 2.1Prepare all necessary journal entries for the year 2013. 2.2Prepare all necessary journal entries for the year 2014. Assume that Ajax uses the cost recovery method to account for its installment sales. 3.1 Compute the following: cash collection cost recovery gross profit 2013 sale 2013 sale 2014 sale 2014 total 3.2 Prepare all necessary journal entries for the year 2013.3.3 Prepare all necessary journal entries for the year 2014.
last year attic charged 3496000 depreciation on the income statement . if early this year attic sold all its
internal controls are designed to safeguard assets encourage employees to folllow company policies promote operational
Turquoise and Topaz Sisters had retained earnings of $15,000 on the balance sheet but disclosed in the footnotes that $2,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments.
a your company is constructing a factory building for its own use and takes out a 2 million loan 10 interest rate from
You want to purchase a corporate bond that is being issuedtoday by ACME Corp. The terms of the bond are shown below:
For 2006, gross profit percentages were 30% of sales for Prince and 40% of sales for Kile. The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
Identify each item by letter and list the items in columnar form, using the headings. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column also indicate the accounttitle.
The contribution margin for product A is $5 and for product B it is $4. What is the most profitable sales mix for the Foam Pet Mattress Company?
What is meant by verification and how it is different from vouching? What is the importance of verification in audit? Explain the methods to verify the various types of tangible and intangible assets.
Kingston Company purchased a piece of equipment on January 1, 2012. The equipment cost $120,000 and had an estimated life of 8 years and a salvage value of $15,000. What was the depreciation expense for the asset for 2013.
For the most recent week (Big Bob's is open 7 days a week), Big Bob served 1,200 1-pound hamburgers using 1,250 pounds of ground beef for the 1,250 pounds of ground beef. In addition, Big Bob paid his supplier $3.20 per pound of ground beef for th..
Who is the payee and what is the title of the account used by Kearny Company in recording the note?
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