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The Abbott Corporation sells merchandise on the installment basis, and the uncertainties of cash collection make the use of the installment sales method of accounting acceptable. The following data relate to two years of operations.
2011 2010
Installment Sales $480,000 $560,000
Cost of Installment Sales 300,000 364,000
Gross Profit 180,000 196,000
Gross Profit Percentage 37.5% 35%
Cash Collections:
2011 Sales $190,000 210,000
2012 Sales -- 235,000
Prepare Journal Entries for 12/31/2011 and 12/31/2012
Heathlands will use a three-year straight-line method. In the 2005 consolidated income statement, the depreciation expense:
Sales revenue for 2008 was $1,000,000 of which 80% was on credit. Historical data indicates that 3 percent of gross credit sales prove uncollectible. (As such 3% of gross credit sales is their accounting policy) What should the balance in the allo..
On January 1, 2009, Glenville Co. acquired 80,000 of the 100,000 shares outstanding in Acron Corp. for $500,000. The fair value of Acron's net assets was $600,000 and Glenville will account for its interest using the acquisition method.
Because of Wyatt's loyalty, Julie would like him to have shares in the corporation. What are the relevant tax issues?
Penguin purchased seven-year MACRS property in the current year for $80,000. No?179 election was made. The property has a 10-year ADR midpoint life. Determine Penguin's taxable income and current E&P.
April--55K May--45K June--65K Production: 65K 55K 55K Cash-related production cost are budgeted at 7 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling..
Assume a healthcare company sold bonds that have a ten-year maturity, a 12% coupon rate with annual payments, and a $1,000 par value.
Prepare a journal entry for the taxes of Winston County's General Fund on July 1, 2005, the date on which the property taxes for the fiscal ending June 30, 2006, were billed to taxpayers.
The typical skier makes two ski runs per day (uses the lift twice). Ski resorts operate their lifts 8 hours per day, 120 days per year. Gold Mountain plans to sell one-day lift tickets for $60 per skier per day; no season passes will be offered.
Prepare the necessary correcting entries, assuming that Longfellow uses a calendar-year basis.
One drawback of the payback criterion for evaluating projects is that this method does not properly account for the time value of money. Why do you think this is a correct statement?
How would the company's aftertax cash inflow be affected if (a)it donated the land or (b) it sold the land for $110,000? How would its net income be affected?
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