Kerry corp purchased a used bottling machine from bobs

Assignment Help Accounting Basics
Reference no: EM13480545

Kerry Corp purchased a used bottling machine from Bob's Bottling Inc. on Jan 1, 2012 for $2100000. Bob accounted for the sale correctly under the installment sales method. It had a book value of $1575000. Kerry paid with $300000 cash and a note for $1800000 with an annual interest of 10%. Kerry agreed to make equal annual payments of $600000. Kerry Corp made their first payment on Jan 1, 2013 of $780000 which included interest of $180000 to date of payment. As of Dec 31, 2013 Bob has deferred gross profit of ?

Reference no: EM13480545

Questions Cloud

Harwichport company has a current ratio of 30 and an : harwichport company has a current ratio of 3.0 and an acid-test ratio of 2.8. current assets equal 210000 of which 5000
What is the present value of 500 per year for ten years at : what is the present value of 500 per year for ten years at 12 percent assuming a regular or ordinary
Can a person ever say that family violence will never : stress violence and abuseq1. can it be said that stressor events which originate within the family hit people harder
Perform a comparative analysis of eastman corporation by : perform a comparative analysis of eastman corporation by completing the analysis below. describe and comment on any
Kerry corp purchased a used bottling machine from bobs : kerry corp purchased a used bottling machine from bobs bottling inc. on jan 1 2012 for 2100000. bob accounted for the
Platypus building inc won a bid for a new office building : platypus building inc. won a bid for a new office building contract. below is info from the project accountant total
Summary statement of the premise methods and results of : summary statement of the premise methods and results of each article. summary and reference pages in apa format. 2
Describe the effect of each transaction on assets : describe the effect of each transaction on assets liabilities and owners equity. 1. incurred advertising expense on
A cash-strapped young professional offers to buy your car : a cash-strapped young professional offers to buy your car with four equal annual payments of 3000 beginning two years

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Reisner company assembled the following information in

reisner company assembled the following information in completing its march bank reconciliation balance per bank 11460

  Determine cost of goods using periodic system

Sampson Company's accounting records show the following at the year ending on December 31, 2010. Using the periodic system, the cost of goods sold is:

  Professional auditing standards

Briefly describe the key requirements included in professional auditing standards regarding the preparation and retention of audit workpapers. Which party "owns" audit workpapers: the client or the audit firm?

  Distinguish between upstream and downstream sales

Why is it important to distinguish between upstream and downstream sales in the analysis of intercompany profit eliminations?

  Information about rates of return

Please create a decision tree that shows the logical sequence of the decision problem with recommendation of whether ByComputers should initially invest in bonds or stocks?

  Compute the predetermined overhead rate

Compute the predetermined overhead rate.

  Material participant in the restaurant activity

Maria, who owns a 50% interest in a restaurant, has been a material participant in the restaurant activity for the last 20 years. She retired from the restaurant at the end of last year and will not participate in the restaurant activity in the fu..

  Business income subject to us taxation

What factor(s) do U.S. taxing authorities consider to determine whether the interest is investment income not subject to U.S. taxation or business income subject to U.S. taxation?

  Platypus building inc won a bid for a new office building

platypus building inc. won a bid for a new office building contract. below is info from the project accountant total

  Change in irr ranking of two projects

Explain why the short-term project might be higher ranked under the NPV criterion if the cost of capital is high whereas the long-term project might be deemed better if the cost of capital is low. Would changes in the cost of capital ever cause a ..

  Find totals for long-term assets and long-term liabilities

After all necessary changes what are the totals for Tasha'sCleaning Services long-term assets and long-term liabilities?

  Schedule of consolidated net income

Prepare a proper schedule of consolidated net income and apportionment to non controlling and congtrolling interests for 2010.

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