Solution-Installment sales default and repossession crawford

Installment sales default and repossession crawford

Assignment Help Accounting Basics

Reference no: EM131119672

Installment Sales-Default and Repossession Crawford Imports Inc. was involved in two default and repossession cases during the year:

1. A refrigerator was sold to Cindy McClary for $1,800, including a 30% markup on selling price. McClary made a down payment of 20%, four of the remaining 16 equal payments, and then defaulted on further payments. The refrigerator was repossessed, at which time the fair value was determined to be $800.

2. An oven that cost $1,200 was sold to Travis Longman for $1,500 on the installment basis. Longman made a down payment of $240 and paid $80 a month for six months, after which he defaulted. The oven was repossessed and the estimated fair value at time of repossession was determined to be $750. Prepare journal entries to record each of these repossessions using a fair value approach. (Ignore interest charges.)

Reference no: EM131119672

Questions Cloud

The merchandise was originally sold with a gross profit rate : The merchandise was originally sold with a gross profit rate of 30%. Prepare the entries on the books of Seaver Company to record all transactions related to Noble during 2010. (Ignore interest charges.)

Creating a program that will generate a txt output file : Creating a program that uses a .txt file as input. Creating a program that will generate a .txt output file. You'll be given a text file, called mstu4031_input.txt. That file will contain a list of grades.

Doctor freely prescribes these narcotics to people : do you think that doctors should face any legal consequences if they continue to prescribe narcotics to an individual over a long period of time, and it has become obvious that the doctor freely prescribes these narcotics to people?

Should the patient be started on tpn : Mrs. Hanes is a 62-year-old woman with metastatic breast cancer. She was admitted with dehydration and weakness. Should the patient be started on TPN

Installment sales default and repossession crawford : An oven that cost $1,200 was sold to Travis Longman for $1,500 on the installment basis. Longman made a down payment of $240 and paid $80 a month for six months, after which he defaulted. The oven was repossessed and the estimated fair value at time ..

One of the metrics used in non-traditional media : One of the metrics used in non-traditional media (internet, social media, etc.) is engagement. Explain what is meant by engagement and why it is important to the marketer. Studies have shown that email marketing is much more effective than traditiona..

Population heterogeneity or state dependence : Discuss the question whether people do or do not change over their life. Which theory do you think is more correct: population heterogeneity or state dependence?

Compute the amount of gross profit realized each year : Compute the amount of gross profit realized each year, assuming Wetzel uses the installment-sales method.

Compute the indirect quote for the rand rupee and yen : Compute the indirect quote for the rand, rupee, and yen as of February 20, 2004.

User Account

All Pages

Installment sales default and repossession crawford

Reference no: EM131119672

Reference no: EM131119672

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT