Amount of gross profit realized

Assignment Help Accounting Basics

Reference no: EM13149170

On January 1, 2007, Barkly Company sold property for $200,000. The note will be collected as follows: $100,000 in 2007, $60,000 in 2008, and
$40,000 in 2009. The property had cost Barkly $150,000 when it was purchased in 2005.

Instructions

a) Compute the amount of gross profit realized each year, assuming Barkly uses the cost-recovery method.

b) Compute the amount of gross profit realized each year, assuming Barkly uses the installmentsales method.

Reference no: EM13149170

Questions Cloud

How many moles of o2 will be produced : Given the following reaction: 4 KO2 + 2 H2O + 4 CO2 ==> 4 KHCO3 + 3 O2 How many moles of O2 will be produced if 3.12 moles of CO2 react completely?

Formula for computing book value per share : The ledger of JFK, Inc. shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is?

Are monopolies and oligopolies : Are monopolies and oligopolies (firms demonstrating power) always bad for society?

Participation in the year total income : Determine Hassell's and Lawson's participation in the year's net income of $312,000 under each of the independent assumptions above.

Amount of gross profit realized : Compute the amount of gross profit realized each year, assuming Barkly uses the cost-recovery method. Compute the amount of gross profit realized each year, assuming Barkly uses the installmentsales method.

Calculate the final pressure of a gas : Calculate the final pressure of a gas if a 953-mL sample of the gas at 1.25 atm and 50.0 degrees Celsius is changed to 1.55 L at 75.0 degrees Celsius.Be sure to include units and correct significant figures

Find probability that one of tires will last more than miles : The lifetime of automobile tires of a certain brand are found to follow an exponential distribution with mean 30 (in thousands of miles). Find the probability that one of these tires will last

A central bank that adopts a fixed exchange : A central bank that adopts a fixed exchange rate system may sacrifice its monetary autonomy in setting its domestic monetary policy.

Evidence to conclude that difference cats and dogs sleep : Is there sufficient evidence to conclude that a difference exists between the proportions of cats and dogs that sleep more than 10 hours per day?

User Account

All Pages