Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Accounting
(Installment-Sales Computations and Entries) Presented below is summarized information for Scribner Co., which sells merchandise on the installment basis.
2014
2015
2016
Sales (on installment plan)
$340,000
$300,000
$370,000
Cost of sales
217,600
198,000
240,500
$122,400
$102,000
$129,500
Collections from customers on:
2014 installment sales
$130,000
$120,000
$ 40,000
2015 installment sales
00,000
110,000
2016 installment sales
140,000
Instructions:
A) Compute the realized gross profit for each of the year 2016. Please check attachment for this answer and make sure correct.
B) Prepare in journal form all entries required in 2016, applying the installment-sales method of accounting. (Ignore interest charges.)
If your company makes a particular decision in the face of uncertainty, you estimate that it will either gain $10,000, gain $1000, or lose $5000, with probabilities 0.40, 0.30, and 0.30, respectively. You (correctly) calculate the EMV as $2800.
Evaluate the statements made by Walker. Comment specifically on Walker's computation of the manufacturing cost of units sold and on whether it appears that the reduction in the cost of finished goods sold was achieved through more efficient operat..
How is the accounting system tailored to capture the expenditures? Define and discuss how to compute equivalent units and explain their use in process cost accounting
The product promises an initial payment of $20,000 at the end of this year and subsequent payments that will thereafter grow at a rate of 3.4 percent annually. If you use a 9 percent discount rate for investment products, what is the present value..
a department had 12500 units which were 20 complete in beginning goods in process inventory. during the current period
kone company sells two types of computer chips. the sales mix is 30 q-chip and 70 q-chip . q-chip has variable cost per
What constitutes a pledge or contribution? When does a not-for-profit organization recognize pledge revenue and contribution revenue? How do contributions differ from exchanges?
What earnings per share data should be reported at the bottom of its income statement, assuming that the casualty loss is extraordinary?
The Colson Company issued $300,000 of 10% bonds on January 1, 2011. The bonds are due January 1, 2016, with interest payable each July 1 and January 1. The bonds are issued at 98. Prepare the journal entries for (a) January 1, (b) the July 1, and ..
1.On January 1, 2013, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $300 million cash.
Which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $24,000). In computing depreciation for annual adjustment purposes, expense is calculated for each month ..
the probability of rolling a 6 on a fair dice is 16.67. a dishonest gambler has a loaded dice which is not a fair- the
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd