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On July 1, 2016, the Foster Company sold inventory to the Slate Corporation for $320,000. Terms of the sale called for a down payment of $80,000 and three annual installments of $80,000 due on each July 1, beginning July 1, 2017. Each installment also will include interest on the unpaid balance applying an appropriate interest rate. The inventory cost Foster $99,200. The company uses the perpetual inventory system. Required: 1. Prepare the necessary journal entries for 2016 and 2017 using point of delivery revenue recognition. Ignore interest charges. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the necessary journal entries for 2016 and 2017, applying the installment sales method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Prepare the necessary journal entries for 2016 and 2017, applying the cost recovery method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
It only used $200,000 of the cash and the remaining cash and P stock are distributed to T’s shareholder, who has a basis of $15 million in her stock. What is gain recognized on this reorganization?"
Kevin Jarvis Industries produced 192,000 units in 90,000 direct labor hours. Production for the period was estimated at 198,000 units and 99,000 direct labor hours. A flexible budget would compare budgeted costs and actual costs, respectively, at
capital budgeting with staged entry kereru fisheries ltd is a leading seafood fishing and processing company. the board
Southwest Hospital has fixed costs of $100 million per year. Variable costs represent approximately 80% of the total revenue. There are 50,000 patient-days estimated for next year. What is the break-even point expressed in total revenue? What is the ..
Determine Andrea's basis in the partnership interest
Identify and discuss the arguments presented by Chwastiak (1999) in her critique of the assumptions of positive accounting theory, and in her vision for a more transformative role of accounting.
Cyber ware uses flexible budgets that are based on the following data:
Which of the following budgetary approaches starts with line-item expenditures and applies a factor approximating the inflation rate to most items, unless specific information is available to suggest a different factor be applied?
Determine the best sales mix. Rank the services offered in order of their profitability and what would be the daily total contribution margin generated by Ortiz?
Complete a financial analysis of Longs Jewelers including a cash flow statement and ratio analysis and discuss your findings.
Aberge Company's manufacturing overhead is 55% of its total conversion costs. If direct labor is $45,900 and if direct materials are $27,200, the manufacturing overhead is: During the month of September, direct labor cost totaled $21,240 and direct l..
On January 1, 2014, Jannison Inc. acquired 90% of Techron Co. by paying $477,000 cash. There is no active trading market for Techron stock. Techron Co. reported a Common Stock account balance of $140,000 and Retained Earnings of $280,000 at that date..
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