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Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured and bad debt losses cannot be reasonably predicted. It is unlikely that repossessed merchandise will be in salable condition. Therefore, Reliable uses the cost recovery method. Merchandise costing $30,000 was sold for $55,000 in 2010. Collections on this sale were $20,000 in 2010, $15,000 in 2011, and $20,000 in 2012.
In 2011, Reliable would recognize gross profit of:
a. $0.b. $6,000.c. $5,000.d. $10,000.
You just purchased a bond that matures in 4 years. The bond has a face value of $1,000 and has an 9% annual coupon. The bond has a current yield of 7.63%. What is the bond's yield to maturity? Round your answer to two decimal places.
Identify some benefits that might accrue to Lion Nathan as a result of the sale and lease back transaction?
Mitchell's usual billing rate is $700 per hour, and Fink's stock has a book value of $250 per share. By what amount will Fink's Paid-in capital - excess of par increase for this transaction?
Calculate the predetermined overhead rate using direct labor costs as the allocation base. Calculate the predetermined overhead rate using machine hours as the allocation base. Which of the allocation bases is preferred? Why?
Browne and Red, both C corporations, formed the BR Partnership on January 1, 2009. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR's gross receipts were $4.6 million, $5 million, $6 million, and $7 million..
What was the amount of the projected benefit obligation at year-end? (Enter your answer in millions. Omit the "tiny_mce_markerquot; sign in your response.)
For property which is involuntarily converted that is replaced with similar property - what are the mandatory rules for recognition of gain or loss (an example would be great)?
Your company just bought an asset for $200,000 with an estimated useful life of 5 yrs, and a salvage value of $10,000. The Controller asks you to use a depreciation method that would produce the highest charge against income after three years. Wha..
Prepare the journal entry(s) and defend your reasoning process for the admission of Flint to the partnership assuming Flint invested $400,000 for the ownership interest. Flint paid the money directly to Chang and to Danos for 50% of each of their ..
An investor in common stock received dividends in excess of the investor's share of investee's subsequent to the date of the investment. How will the investor's investment account be affected by those dividends under each of the following accounti..
Write down the difference between a contango market and a backwardation market. What exactly is meant by a basis?
If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is purchased for $137,000, the land should ..
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