Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
1.On April 1, 2013, the Apex Corporation sold a parcel of underdeveloped land to the Applegate Construction Company for $2,400,000. The book value of the land on Apex's books was $480,000. Terms of the sale required a down payment of $120,000 and 19 annual payments of $120,000 plus interest at an appropriate interest rate due on each April 1 beginning in 2014. Apex has no significant obligations to perform services after the sale.
Required:1. Prepare the necessary entries for Apex to record the sale, receipt of the down payment, and receipt of the first installment assuming that Apex is able to make a reliable estimate of possible uncollectible amounts (that is, point of delivery profit recognition is used). Ignore interest charges.2. Repeat requirement 1 assuming that Apex cannot make a reliable estimate of possible uncollectible amounts and decides to use the installment sales method for profit recognition.
Lifsey Wedding Fantasy Company makes very elaborate wedding cakes to order. The owner of the company has provided the following data concerning the activity rates in its activity-based costing system
Why would certain figures such as amortization or impairment of goodwill be different for the IFRs/GAAP adjustment for net income and stockholder's equity?
In accounting and auditing, the following sampling method is sometimes used to estimate a population total. In estimating the value of an inventory, suppose that a book value exists for each item and is readily accessible. For each item in the sample..
Cheers Pty Ltd is an Australian resident company which is involved in the wine and beer industries where it owns a number of vineyards in South Australia and has two boutique breweries in Adelaide where it produces Southern Bitter and Port Lincoln..
Is it ethical to choose a transfer price for tax purposes that is different from the transfer price used to elucidate a business unit's performance?
Day Inc. has 4,363 shares of 7%, $100 par value, cumulative preferred stock and 80,023 shares of $1 par value common stock outstanding at December 31, 2014. What is the annual dividend on the preferred stock?
Comparative financial statements of the Boeckman Company for 2009 and 2010 are as follows:
Determine the rate and efficiency variances for the variable overhead item power cost and indicate whether those variances are unfavorable or favorable.
Proration of overhead. (Z. Iqbal, adapted) The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. Compute the budgeted manufacturing overhead rate for 2014. ..
What controls must have been lacking at White Electric Supply to enable the bookkeeper to steal nearly $416,000 before being caught?
Evaluate the amount of prepaid insurance that should be reported on the 31 st of August balance sheet with respect to this policy.
Suppose that the central bank increases the money stock. What will be the effects on output in the short run and in the medium run?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd