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Sanchez Development Company uses the installment sales method to account for some of its installment sales. On October 1, 2013, Sanchez sold a parcel of land to the Kreuze Corporation for $11 million. This amount was not considered significant relative to Sanchez's other sales during 2013. The land had cost Sanchez $5.5 million to acquire and develop. Terms of the sale required a down payment of $2,200,000 and four annual payments of $2,200,000 plus interest at an appropriate interest rate, with payments due on each October 1 beginning in 2014. Kreuze paid the down payment, but on October 1, 2014, defaulted on the remainder of the contract. Sanchez repossessed the land. On the date of repossession the land had a fair value of $4.0 million. Prepare the necessary entries for Sanchez to record the sale, receipt of the down payment, and the default and repossession applying the installment sales method. Ignore interest charges. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. 1. Prepare the journal entry to record sale? 2.Prepare the journal entry to recognize the receipt of the down payment. 3.Prepare the journal entry to recognize gross profit from the installment sale 4.Prepare the journal entry to record the sale.Prepare the journal entry to recognize the receipt of the down payment.Prepare the journal entry to recognize gross profit from the installment sale.Prepare the journal entry to record the default and repossession.
For the month of Dec, the company planned for activity of 12 snow days, but the actual level of activity was 14 snow days. The actual vehicle operating cost for the month was 6330. The vehicle operating cost in the planning budget for December wou..
Analyze the tax implications for the following case study. Apply the IRS codes to calculate a corporation's net operating loss based on net income. Support your conclusions with reference to specific IRS codes and regulations.
Water works Inc has a current ratio of 1.33, current liabilities of 540,000 and inventory of 400,000. What is water works quick ratio
Calculate the total cost of the employee's wages during the weekdescribed above. Determine the portion of this cost to be classified in each ofthe following categories.
The amount of the loss involved can be reasonably estimated. Based on the above facts, an estimated loss contingency should be:
What two accounts will be affected while recording entries in the general ledger when you bill a customer for services rendered on account? There has not been any previous cash paid to the company.
Troy (single) purchased a home in Hopkinton, Massachusetts, on April 6, 2005, for $300,000. He sold the home on October 6, 2012, for $320,000.
Identify two major control weaknesses in the Family Support Center's cash receipts procedures. For each weakness you identify, suggest a method to correct that weakness. Your solution must be specific-identify which specific employees should do..
Create an audit report with the findings being somewhere between $5,000,000 and $30,000,000 Include these items in the report: The area under audit where the finding occurred, The steps you undertook during the audit
Computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and an income tax refund from 2009 of $50,000. Au Sable is an accrual basis taxpayer. The corporation's current earnings and profits for 2010 would be:
What is the difference between external and internal pricing? What factors must be considered when setting internal transfer pricing between company divisions? What are the different methods of setting internal transfer pricing? Which is the most ..
Innova Discs has two divisions-Standard and Premium. Each division has hundreds of different types of golf discs and disc golf products. The following information is available:
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