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Creations Company provided the following financial information for its installment sales for the current year.Financial Data: Installment sales for current year $2,400,000 Cost of goods sold on installment basis $1,800,000 Repossessed merchandise: Estimated value $56,000 Repossessed merchandise: Unpaid balances $90,000 Payments by customers $1,750,000 Required: a) Prepare journal entries for the end of the year based on the information above. b) Prepare the entry to record the gross profit realized in the current year.
What are intangible assets? Can you provide a few examples? Why are these important, and how are they recorded?
The balance sheets of Davidson Corporation reported net fixed assets of $320,000 at the end of 2011. The fixed-asset turnover ratio for 2011 was 4.0 and sales for the year totaled $1,480,000. Net fixed assets at the end of 2010 were ??
Professor Andy Accrual works for a big state university. The state has negotiated a set of special airfares with various airlines for state employees to use when traveling on state business.
Given the following probability distribution, what is the expected return and the standard deviation of returns for security J?
Some generally accepted accounting principles (GAAP) apply only to health care, and there are many health care organizations that use other comprehensive bases of accounting when GAAP does not apply
LaFond Company analyzes its accounts receivable at December 31, 2010, and arrives at the aged categories below along With the percentages that are estimated as uncollectible.
Determine the cost ratio (retail method) for T games and comics store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000
What is the role of social responsibility in finance for Michael Milken, Ivan Boesky and Martha Stewart? Describe how unethical behavior can go undetected by regulators and accountants. What are the implications of this to financial markets?
Determine how the costs in (a) and (b) should be presented on Erin's financial statements as of December 31, 2008. Also determine the amount of amortization of intangible assets that Erin should record in 2008 and 2009.
Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.
Deviney Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.86 direct labor-hours. The direct labor rate is $8.20 per direct labor-hour.
Johnsons Construction is considering an investment in equipment costing $660,000. The equipment will be depreciated on the straight-line basis over an 8 year period with an estimated residual value of $120,000.
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