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Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used. Information related to installment sales for 2016 and 2017 is as follows: 2016 2017 Sales $ 400,000 $ 500,000 Cost of sales 260,000 300,000 Customer collections on: 2016 sales 170,000 150,000 2017 sales - 200,000 Required: 1. Calculate the amount of gross profit that would be recognized each year from installment sales. 2. Prepare all necessary journal entries for the year 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Assume that Ajax uses the cost recovery method to account for its installment sales. 3-a. Compute the following: 3-b. Prepare all necessary journal entries for the year 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Prepare a corporate income statement and calculate earnings per share
Assuming the employee's time value of money is 9% annually, what lump sum at employment date would make him indifferent between the two options.
What is the present value of this liability
Intangible assets acquired via a separate acquisition are always recognised - how is an intangible asset acquired as part of a business combination measured for initial recognition? Why?
What is the operating income for both firms and what are the earnings after interest?
The directors are wondering why we complicate a very simple way of calculating long service leave – why not “stick with” recognising the expense when we pay for it? What do you think we should do?
Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product.
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Multiple choices on Variance analysis and the direct materials quantity variance
The following information pertains to the Ralph Company: Materials are added at the start of the process. How many equivalent units for conversion costs would there be using the FIFO method?
in 2014 mordica co. issued 300000 of its 500000 authorized shares of 10 par value common at 35 per share. in january
1. Prepare the journal entry to record Fuzzy Monkey's investment on January 1, 2013
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