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John Corp appropriately uses the installment method of accounting to recognize income in its financial statements. Pertinent data relating to this method of accounting includes: installment sales totaled $400,000 for 2013 and $500,000 for 2014; cost of sales were $260,000 for 2013 and $300,000 for 2014: in 2013 John collected $280,000 from 2013 sales; in 2014 John collected $100,000 from 2013 sales and $300,000 from 2014 sales. What amount should John report as realized gross profit on the 2014 income statement?
At December 31, 2007 and 2008, Sloan Corp. had outstanding 2,000 shares of $100 par value 8% cumulative preferred stock and 10,000 shares of $10 par value common stock. At December 31, 2007, dividends in arrears on the preferred stock were $8,000...
the city of chicago is considering a railroad track improvement project that is expected to provide benefits in the
assume the colorado avalanche purchased new zamboni machine to scrape the ice off the rink between periods. the zamboni
1. why is the balance sheet considered a point in time statement? 2. what is a fiscal year? why might an organization
Discuss and consider tax rates, distributions, operating losses and A and B shareholder loans under each alternative and Discuss and analyze the cases of Moline Properties and Roubik (set forth in Bittker , Chapter 1.05(1)(b) and Chapter 1, foot..
trout company is considering introducing a new line of pagers targeting the preteen population. trout believes that if
what are the four different adjusting journal entries? what accounting assumptions necessitate the use of adjusting
Pumpkin Bags (PB) is a desiger of high quality backpacks and purses. Each design is made in small batches. Each spring, PB comes out with new designs for the backpack and for the purse.
E21-30 Determing mixed costs-the high-low method The manager of Able Car Inspection reviewed the monthly operating costs for the past year. The costs ranged from $4,000 for 1,000 inspections to $3,600 for 600 inspections.
Eve's Apples opened business on January 1, 2011, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve..
preferred products has the following cost information available for 2009direct materials 4.00 per unitdirect labor 3.00
Aftab Company limited realized itself as a social responsible company and decided to construct an employees housing society. How would it capitalize the borrowing cost?
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