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Sawyer Furniture Company concluded its first year of operations in which it made sales of $800,000, all on installment. Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $400,000; the cost of merchandise on hand at the end of the year was $80,000.
Instructions: Using the installment-sales method, make summary entries to record:
a. the installment sales and cash collections
b. the cost of installment sales
c. the unrealized gross profit
d. the realized gross profit.
Cheng Company traded a used truck for a new truck. The used truck cost $30,000 and has accumulated depreciation of $27,000. The new truck is worth $37,000. Cheng also made a cash payment of $36,000. Prepare Cheng's entry to record the exchange.
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
If annual overhead costs are expected to be $750,000 and direct labor costs are expected to be $1,000,000, then:
The Nut House sells almonds, cashews, and pistachios. Pistachios outsell cashews by a margin of 2 to 1 cans. Almonds were half the sales of cashews in cans.
The Fair Debt Collection Practices Act has four different types of collection practices. Explain who the legislation applies to and explain the four different collection methods.
A static budget is appropriate in evaluating a manager's performance if:
No election is made to use the straight-line method. The company does not make the § 179 election. Determine the total deductions in calculating taxable income related to the machines for 2010.
Making decision for discontinue production of subassemblies and purchase from an outside supplier.
Schager Company purchased a computer system on January 1, 2006, at a cash cost of $25,000. The estimated useful life is 10 years, and the estimated residual value is $3,000. The company will use the declining-balance method based on a 200 percent ..
Compute Brisbane's basic and diluted earnings per share for 2006.
Link's income statement for the year ended December 31, 2011, should show the cumulative effect of this error in the amount of:
Angela Moss and Autumn Barber organize a partnership on January 1. Moss's intial net investment is 75,000 consisting of cash 17,500, equipment 82,500 and note payable reflecting a bank loan for a new business 25,000. Barber's initial investment is..
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