John corp appropriately uses the installment method of

Assignment Help Accounting Basics
Reference no: EM13484742

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?

Reference no: EM13484742

Questions Cloud

Compute the contribution margin for the pet supplies : the following information is available for pet store company and its two divisions pet supplies and training.whole
Prepare a listing of the accounts receivable customer : autumn cove inc. has 2010 in the december 1 balance of the accounts receivable account consisting of 880 from the
Calculate the cash providedused for each cash flow category : walters inc. began operations on january 1 2009. the following information relates to walters cash flows during
Your boss called you into the office and reprimanded you : sunday corporation prepared the following performance report for variable overhead costs for the last quarter of the
John corp appropriately uses the installment method of : john corp appropriately uses the installment method of accounting to recognize income in its financial statements.
Which investment would you prefer why round your percentage : two acquaintances have approached you about investing in business activities in which each is involved. julie is
Credit sales are 80 of total sales collections of credit : corporation has the following sales budgetmonth budgeted salesmay 84000june 100000july 92000august 110000september
If investors are well diversified eg own several hundred : if investors are well diversified e.g. own several hundred stocks will they have a greater or lesser need for
These items are taken from the financial statements of : these items are taken from the financial statements of victory co. at december 31 2012.buildings

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the revenue to be recognized in fiscal year 2012

our book distribution division sells to national bookstores. our division allows for up to 25 of sales in returns. for

  What is the importance of cash discounts

What's the relationship between the acquisition and payment cycle and the inventory and warehousing cycle in the audit of a manufacturing company?

  What pretax amount related to the lease

On June 30, 2011, Georgia-Atlantic, Inc., leased a warehouse facility from Builders, Inc. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year lease terms, payable each June 30 and December..

  What is pedro charitable contribution

Pedro's child attends a school operated by the church the family attends. Pedro made a donation of $1,000 to the church in lieu of the normal registration fee of $200. In addition, Pedro paid the regular tuition of $6,000 to the school. Based on t..

  Amount of the low-income housing credit

Chris spends $800,000 to build a qualified low-income housing project, which is placed in service on January 1, 2005. He financed the project using his personal funds. What is the amount of the low-income housing credit that Chris may claim in 200..

  Determine the amount of cash to suppliers

A company recorded net purchases of $15.7 million for2007. In 2006, ending accounts payable was $1.4 million and in 2007, it was $1.9 million. How much cash was paid to suppliers in 2007?

  Straight-line method of amoritization

Ritter company issues $600,000 of 10%, 10-year bonds on januanry 1, 2008 at 102. Interest payable semiannually on july 1 and january 1. The company uses the straight-line method of amoritization.

  Enter question here grandiose growth has a dividend growth

enter question here grandiose growth has a dividend growth rate of 20. the discount rate is 15. the end-of-year

  Cash on the maturity date of loan

Classic Corporation borrowed $90,000 from the bank on November 1, 2011. The note had an 8 percent annual rate of interest and matured on April 30, 2012. Interest and principal were paid in cash on the maturity date.

  Perform a variance analysis of the massage

Suppose you are the senior controller for Spine Line and you plan to perform a variance analysis of the massage chairs manufactured to determine if the standards are being met.

  Explain whether each of following projects is likely to

explain whether each of the following projects is likely to have risk similar to the average risk of the firm.a. the

  What was the balance in supplies on january 1 the balance

adjusted trial balance january 31 2012 debit credit supplies 854 prepaid insurance 2490 salaries and wages payable

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd