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Newton Co. had installment sales of $1,000,000 and cost of installment sales of $700,000 in 2010. A 2010 sale resulted in a default in 2012, at which time the balance of the installment receivable was $30,ooo. The repossessed merchandise had a fair value of $15,000.
Instructions
(a) Calulate the rate of gross profit on 2010 installment sales.
(b) Make the entry rocord the repossession.
Kendra is a self-employed taxpayer working exclusively from her home office. Before the home office deduction, Kendra has $5,000 of net income. Her allocable home expenses are $10,000 in total. How are the home office expenses treated on her curre..
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which of the folllowing is least likely to uncover fraud?
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Which is not a GAAP for investments in equity securities?
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A new computer is purchased that can do the same job in 5 days. How long would it take to do the job with both computers working on it?
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