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On December 15, 2013, Rigsby Sales Co. sold a tract of land that cost $3,700,000 for $5,000,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $480,000 with the balance in two equal annual installments payable on December 15, 2014, and December 15, 2015. Ignore interest charges. Rigsby has a December 31 year-end.
Realized gross profit of $480,000.Cost of installment sales $1,672,400.Deferred gross profit of $587,600.Realized gross profit of $587,600.
on january 1 2012 fishbone corporation sold a building that cost 272200 and that had accumulated depreciation of 102100
Bullen Inc. acquired 100% of the voting common stock of Vicker Inc. on January 1, 2013. The book value and fair value of Vicker's accounts on that date (prior to creating the combination) follow, along with the book value of Bullen's accounts
youve just been hired onto abc company as the corporate controller. abc company is a manufacturing firm that
The following financial statement information is from five separate companies.
barker company has a single product called a zet. the company normally produces and sells 80000 zets each year at a
The partnership agreement calls for a 15% interest on their capital accounts and the remaining sum to be shared equally. Net income for the year is $30,000. Show the division on net income.
An investor recently purchased a corporate bond that yields 9.3%. The investor is in the 31% combined federal and state tax bracket. What is the bond's after-tax yield?
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ace inc. produces electronic components for sale to manufacturers of radios television sets and digital sound systems.
Messersmith Company is constructing a building. Construction began in 2010 and the building was completed 12/31/10. Messersmith made payments to the construction company of $1,000,000 on 7/1, $2,100,000 on 9/1, and $2,000,000 on 12/31. Average acc..
corky motors is in its first year of operations and as of december 30 has total revenues of 5 million projected net
how accounts receivables and cash go together. Beyond just cash showing when funds are collected how is the timing of receivables different than the timing of cash and how can the company make sure they are on top of collecting the funds due them.
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