Seaver company uses the installment-sales method in

Reference no: EM13589216

Seaver Company uses the installment-sales method in accounting for its installment sales. On January 1, 2012, Seaver Company had an installment account receivable from Jan Noble with a balance of $1,800. During 2012, $500 was collected from Noble. When no further collection could be made, the merchandise sold to Noble was repossessed. The merchandise had a fair value of $650 after the company spent $60 for reconditioning of the merchandise. The merchandise was originally sold with a gross profit rate of 30%.Prepare the entries on the books of Seaver Company to record all transactions related to Noble during 2012.

Reference no: EM13589216

Questions Cloud

Inventory at the beginning of the year cost 14200 during : inventory at the beginning of the year cost 14200. during the year the company purchased on account inventory costing

Examine the cash flow statement for procter and gamble : examine the cash flow statement for procter and gamble company shown in real-world case 21-6 in chapter 21 and discuss

Magnus has been divorced from his wife irina for three : magnus has been divorced from his wife irina for three years. in the divorce magnus lost custody of the two children he

The equipment purchased purchased on january 1 2003 has the : the equipment purchased purchased on january 1 2003 has the useful life of 12 years with no salvage value. straight

Seaver company uses the installment-sales method in : seaver company uses the installment-sales method in accounting for its installment sales. on january 1 2012 seaver

Traveling at a speed of 173 ms the driver of an automobile : question traveling at a speed of 17.3 ms the driver of an automobile suddenly locks the wheels by slamming on the

Assume that lisa has voluntary withholdings of 40 in : during the first week of january liesl grady earned 600. assume that fica taxes are 7.65 percent of wages up to 50000

Tower of pizza makes a unique double stacked pizza the : tower of pizza makes a unique double stacked pizza. the companys annual fixed expenses are 54000. the sales price of

A 50 v battery storing 720 kj of energy supplies 15 a of : question a 5.0 v battery storing 72.0 kj of energy supplies 1.5 a of current to a circuit. how much energy does the

User Account

All Pages