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Charter Corporation, which began business in 2016, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2016 and 2017:
1.How much gross profit should Charter recognize in 2016 and 2017 from installment sales?
What should be the balance in the deferred gross profit account at the end of 2016 and 2017?
Sarjit Systems sold software to a customer for $155,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $135,000 and a stand-alone six-month technical support contract for $45,000, so these products would sell for $180,000 if sold separately.
*Prepare Sarjit's journal entry to record the sale of the software.
Calculate the combined pre-determined OH rate using (1) units of production (2) machine hours: 40,000 machine hours, variable mfg OH $80,000, Fixed mfg OH $325,000. The company expects to produce 10,000 units and each product requires 4 hours of m..
complete the addressing international legal and ethical issues simulation located on the student website.write a
Prepare the entry for the issuance under the assumptions - The stock had a par value of $5 per share and was issued for land worth $52,000
the accounts receivable account has total debit postings of 1900 and credit postings of 1100. the balance of the
a corporation provides you the following budgeted cost information for april 2014. budgeted variable costs per unit
a manufacturing company that produces a single product has provided the following data concerning its most recent month
explain the horizontal analysis of financial statements? how does horizontal analysis differ from vertical
hazelnut corp. manufactures lawn ornaments. it currently has two product lines the basic and the luxury. hazelnut has a
Diane purchased a factory building on November 15, 1993, for $5,000,000. She sells the factory building on February 2, 2009. Determine the cost recovery deduction for the year of the sale.
wiglaf company reported its most significant decline in net income in years. at the end of the year c.s. lewis the
1. overbay company has two divisions sporting goods and sports gear. the sales mix is 65 for sporting goods and 35 for
Identify the audiences, purposes, and natures of financial statements and managerial reports. Explain the use of financial accounting information in making informed and ethical business decisions
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