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On December 15, 2011 Risby Sales Co. sold a track of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payable on Dec.15,2012 and December 15, 2013. Ignore interest charges. Rigsby has a Dec 31 year end.a a realized gross profit of $100,000b. a deferred gross profit of $100,000c. an installment receivables (net) of 3,200,000d. an installment receivables (net) of $4,000,000
Blue sky Company's 12-31-13 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All of the book value's are the same as the market values except for land, whi
Puts - A put is an option to sell a number of shares of stock at a stated price within a definite period. Gain or loss on a put is short or long term depending on holding period of
Q. Estimation of current cost of debt? The debenture will be used to estimation the current cost of debt as it is the only marketable debt. The present market value of the debe
Troubled Debt Restructuring - Agreement between CREDITOR and DEBTOR which amends the terms of a DEBT which has little chance of being paid in accordance with its contractual terms.
Potential advantages to BNM Narrative reporting will enable BNM to provide information about social, economic and environmental policies. Many users are influenced by an entit
Jensen Company has the following situation: Sales Price: $40 per unit Variable Cost Per Unit: $25 per unit Fixed Costs: $20,000 Units Sold: 4,000 Jensen is considering lowering the
These are the indirect costs that are related with manufacturing. Absorbed costs involve expenses like insurance, or property taxes for the building in which the production process
Temporary or Timing differences Temporary/timing differences relate to those items that are adjusted in the current period and are again adjusted in subsequent financial period
explain inflationary accounting
Question 1 Define Accounting. Briefly explain the ‘Entity Concept' and ‘Money Measurement Concept' of accounting Question 2 What is rectification of errors? List and explain the
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