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Gunk Goblin sells vacuums and just launched a policy where customers have the right to return a vacuum during a three-year period following purchase. Gunk management has no experience under this sort of policy, and does not believe it can accurately estimate returns. What is the longest period of time that Gunk may have to wait before recognizing gross profit associated with one of these sales?
a. No time delay, recognize gross profit upon delivery.
b. Gunk should recognize gross profit as cash is recieved under the installment method.
c. Gunk should defer gross until costs are recovered under the cost recovery method.
d. Three years, after the right of return has expired.
She incurs expenses of $18,000 (accounting fees, marketing survey, etc.) in exploring its business potential. Her parents have agreed to loan her the money required to start the business. What amount of these investigation costs can Juliet deduct ..
Cash Conversion Cycle. Calculate the accounts receivable period, accounts payable period, inventory period, and cash conversion cycle for the following firm.
Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000.
Travelers Aids most recent income statement follows Total Per Unit Sales (3,000 units) $90,000 $30.00 Variable expenses $54,000 $18.00 Contribution margin $36,000 $12.00 Fixed Expenses $22,000 Net operating income $14,000.
Mr. Bouteilles Gerbeuses has been your long-time tax client. He has amassed an impressive portfolio of real estate, securities, and joint venture investments. His net worth is substantial.
For the year ending June 30, 2008, the Austin Corporation has current assets of $ 275,000 and total assets of $ 900,000. It also has current liabilities of $ 150,000, equity of $ 200,000, and retained earnings of $ 100,000. The marginal tax rate f..
The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction.
On November 1, 2009, Bug Busters collected $6,000 in advance for three months of service to be provided beginning on that date. It was credited in full to unearned rent revenue. Assuming the accounting year ends December 31, give the adjusting ent..
What was the amount of cash payments to stockholders during the year?
Suppose the National Bank of Commerce has excess reserves of $12,000 and outstanding checkable deposits of $150,000. If the reserve ratio is 20 percent, what is the size of the bank's actual reserves?
At present she is buying these products in amounts such that the marginal utilites from the last units purchased of the two products are 80 and 70 units, respectively. Is she buying the utility-maximizing combination of bread & milk? How should sh..
What benefits do you see for the U.S. economy in tax-sparing credits? Should it be expanded or reduced? Why or why not?
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