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Question: (Analysis of Installment-Sales Accounts) Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2016, the books show balances as follows.
(a) Prepare the adjusting entry or entries required on December 31, 2016 to recognize 2016 realized gross profit. (Installment receivables have already been credited for cash receipts during 2016.)
(b) Compute the amount of cash collected in 2016 on accounts receivable from each year.
Captain Johnny Whizbang Hamburgers issued 4%, 10-year bonds payable at 85 on December 31, 2012. At December 31, 2014, Captain Johnny reported the bonds payable as follows.
the a.t. cross company is well known for its cross pens. the company recently reported the following amounts in its
Prepare any necessary correcting entries under each of the alternatives described in requirement1.
ozark outdoors is a manufacturer of outdoor items. the company is considering the possibility of offering a new
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ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8.
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daniel longan owns and manages daniels restaurant a 24-hour restaurant near the citys medical complex. daniel employs 9
richardson enterprises is studying the replacement of some equipment that originally cost 74000. the equipment is
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team shirts had a return on equity of 23. average shareholders equity for the corporation was 123000. there were 45000
An alumnus of a small university donated $150,000 to establish a permanent endowment for scholarships. The first scholarships were awarded 5 years after the money was donated.
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