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Jones manufactures and sells custom storm windows for enclosed porches. Jones also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Jones enters into the following contract on June 1, 2014, with a local homeowner. The customer purchases windows for a price of $3,500 and chooses Jones to do the installation. Jones charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $900. The customer pays Jones $3,000 (which equals the fair value of the windows, which have a cost of $1,700) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2014, Jones completes installation on September 15, 2014, and the customer pays the balance due. Prepare the journal entries for Jones in 2014. (Round amounts to nearest dollar.)
Larry, single, age 31, had the following items for 2014: Compute Larrys' taxable income for the year 2014.
Aspen Mining and Milling, Inc. contracted with Raoul Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2014. Aspen paid for the lathe by issuing a $600,000, 3-year note that specified 2% in..
During 2014, Whindy Corporation, an S corporation, reports a recognized built-in gain of $80,000 and a recognized built-in loss of $10,000. Whindy holds an $8,000 unexpired NOL carryforward from a C corporation year. Whindy's ordinary income for the ..
Kevin owns a retail store, and during the current year he purchased $600,000 worth of inventory. Kevin’s beginning inventory was $65,000, and his ending inventory is $75,000. During the year, Kevin withdrew $15,000 in inventory for his personal use.
Prepare an analysis detailing whether the investment in Welendtoanyone Inc. may be classified into the following categories in terms of IAS 39, Financial instruments: recognition and measurement.
direct materials budget for the seasoning.one quarter gram of a rare seasoning is required for each bottle of dipping
Describe the concept of debit and credit. How are they used in accounting and describe the numbering system used to number each account in computerized accounting.
Fatimah and Ahmad, who make $50,000 per year, calculated their average tax rate at 20 percent. They contribute 15 percent of their income to charity and pay themselves 10 percent of their income. Calculate their income statement using the better meth..
it was obsolete after only 4 years. Justin Meyer, CFO of Pryor Inc., is considering leasing new equipment rather than buying it. What are the potential benefits of leasing?
Compute the overhead cost, according to the activity-based costing system, of a job that involves installing 1.8 squares.
Prepare an amortization schedule for the Note Receivable using the subsequent columns
Make a brief comment to management on the results of operations. What recommendations would you make to management to improve prfitability?
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