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1. Installment Sales-Default and Repossession Seaver Company uses the installment-sales method in accounting for its installment sales. On January 1, 2010, Seaver Company had an installment account receivable from Jan Noble with a balance of $1,800. During 2010, $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 2010. (Ignore interest charges.)
It had a useful life of 10 years and a salvage value of $50000. The following computations present depreciation on both bases for 2010 and 2011.
ABC Company purchased a new computer at the beginning of the year at a cost of $1,600. The estimated salvage value is $100. The estimated useful life is 3 years. Complete the schedule below for the 3 years using Straight-Line Depreciation Method.
given the following information prepare the complete statement of cash flows. use the indirect method of preparing the
Calculate realized gross profit for 2005. Record any journal entries required for 2004
The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.
Tazmania Inc. had pretax financial income of $154,000 in 2007. Prepare Tazmania's journal entry to record 2007 taxes, assuming a tax rate of 45%.
Which of the following is correct in regard to equity trading securities?
remmers company manufactures desks. most of the companys desks are standard models and are sold on the basis of catalog
Straight-line depreciation is used by PKE. Ignoring income taxes, what journal entry will PKE use to correct the error?
Write a 2-3 page paper on a Nonprofit agency. Identify a nonprofit that you will use for several assignments
the town of liberty approved the construction of a special oven to cook the worlds largest apple pie to be financed by
variable overheads for the month 20000 budgeted and 18000 actual. output for the month units 10000 budgeted and 8000
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