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Sawyer Furniture Company concluded its first year of operations in which it made sales of $800,000, all on installment. Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $400,000; the cost of merchandise on hand at the end of the year was $80,000.
Instructions: Using the installment-sales method, make summary entries to record:
a.the installment sales and cash collections
b.the cost of installment sales
c.the unrealized gross profit
d.the realized gross profit.
The earnings, dividends, and common stock price of Carpetto Technologies Inc. are expected to grow at 7 percent per year in the future. Carpetto's common stock sells for $23 per share
Gould Machinery builds bulldozers. Prior to this year, it sold a substantial amount of equipment to Mace Contractors on credit. Mace recently went into bankruptcy. To protect its investment, Gould took over Mace.
Sylvester Company requires clients to pay in advance for legal services. One such client made a $4,000 payment on May 1, and Sylvester Company recorded this transaction in the appropriate liability account. As of May 20, the legal services that th..
What should be the reported net asset balance of the following categories during 2011: permanent restricted, temporarily restricted, unrestricted.
Evaluate whether the Dodd-Frank legislation can prevent a financial crisis in the future. Provide your rationale.
If a division is reporting losses, does that necessarily mean that it must be closed? Was the reallocation of the fixed costs across divisions unethical?
What are the steps involved in the preparation of an advance plan for the distribution of cash in a partnership liquidation to determine which step is the most difficult to execute correctly. Discuss possible ways to address the difficulties you i..
Write a short Memo to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and governmental entities.
Pace Corporation had a taxable income of $300,000 in 2010. They had a taxable income of $1,200,000 in 2011. What is their federal income tax liability for the company for each year?
Was the gain realized by the shareholder on the exchange recognized by the shareholder? Yes or no, and why or why not?
You have been hired as a consultant for Jones Inc. The company manufactures high-density compact disks and sells them to a wide variety of business clients.
What is the reason behind the FASB requiring the Allowance method for Bad Debt accounting? Why not use the Direct Write-Off method?
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