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Kenny Harrison Corp., a capital goods manufacturing business that started Jan 4, 2008, and operates on a calendar- year basis. Plus, the use the installment sales method of profit recognition in accounting for all its sales. The following data were taken from 2008 and 2009 records. Item: 2008 2009 Installment Sales 480,000 620,000 Gross profit as a percent of costs 25% 28% Cash collections on sales of 2008 140,000 240,000 Cash collections on sales of 2009 0 180,000 Directions: A- Compute the amount of realized gross profit to be recognized on the 2009 income statement, using the installment sales method. B- Compute the amount of realized gross profit to be recognized on the income statement, using the cost-recovery method.
The Carlton Organization rents its hotel rooms for $600 per night with variable expenses of $450 per room. What is the organizations contribution margin rate.
Determined the cost of jobs completed. Determine the cost of the unfinished jobs at January31
auditors found out that campbell was delaying payments to creditors at year end and selling inventories as huge
gtb inc. has a 33 percent tax rate and has 90 million in assets currently financed entirely with equity. equity is
Explain the accounting alternatives that Bonanza Trading Stamps, Inc. should consider for the recognition of its revenues and related expenses.
If Granberry Enterprises uses the three activity cost pools to allocate overhead costs, what are the activity-cost driver rates for supervision of direct labor, machine maintenance, and facility rent, respectively?
UUse the present value factors from near the end of your text to perform any necessary present value calculations. What is the entry to record this lease on Hall's books?
Write a memo to Frank discussing these issues.
Charles River Company has just sold a bond issue with 10 warrants attached. The bonds have a 20-year maturity, an annual coupon rate of 12.0 percent, and they sold at their $1,000 par value.
Define the terms debit and credit. Explain how debits and credits affect the following: assets, liabilities, owner's capital account, revenues and expenses.
A fire totally destroyed office equipment and furniture which Monica uses in her business. The equipment had an adjusted basis of $15,000 and a FMV of $10,000 before the fire.
compare and contrast what motivates millennials from baby boomers generation x and generation y. assess whether
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