User Account

All Pages

Compute the amount of gross profit

Assignment Help Accounting Basics
Reference no: EM132639844

Question - On July 1, 2013, Barnes Manufacturing Company sold inventory to SuperRite, Inc. for $400,000. Terms of the sale called for a down payment of $80,000 and two annual installments of $160,000 due on each July 1, beginning July 1, 2014. Each installment also will include interest on the unpaid balance applying an appropriate interest rate. The inventory cost Barnes $320,000.

Required - Compute the amount of gross profit to be recognized from the installment sale in 2013, 2014, and 2015 using the installment sales method. Show calculations.

Reference no: EM132639844

Questions Cloud

Define factors of production : Define Factors of Production. Identify specific Factors of Production that would be needed for Solar Power
What is the per-unit cost for manufacturing one desk : Dimaria Company manufactures high-quality, customized desks. The following pertains to Job No. 935, What is the per-unit cost for manufacturing one desk?
Discuss the need for working capital : Include and discuss the need for working capital to include 2 months of startup drug inventory, vendor financing arrangements, personnel costs including.
What were cianciolo company total manufacturing costs : Manufacturing overhead was calculated at 70% of direct labor costs. What were Cianciolo Company's total manufacturing costs for the year?
Compute the amount of gross profit : Compute the amount of gross profit to be recognized from the installment sale in 2013, 2014, and 2015 using the installment sales method
State two key lessons that inform contemporary organisation : Based on your literature findings, state two key lessons that would inform contemporary organisations about the practical use of your chosen costing system.
Find percentage change in the overall price level : Suppose that the GDP deflator for the United States increases from 115 to 120 between 2019 and 2020.
What are the various business structures : What are the various business structures that are available to Jack and Jill with respect to the type of business that they would like to establish
How the production of generators should be allocated : How the production of 192,000 generators should be allocated between the two plants to maximise the operating income for Maxima Manufacturing Pty Ltd.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the cost of the ending inventory

isa Company had 264 units in beginning inventory at a total cost of $31,944. Compute the cost of the ending inventory and the cost of goods sold

  Wishaw inc produces and sells outdoor equipment on july 1

wishaw inc. produces and sells outdoor equipment. on july 1 2014 wishaw inc. issued 150000000 of 20-year 12 bonds at a

  How much revenue will saar recognize

How much revenue will Saar recognize in 2018 under this arrangement if Saar reports under U.S. GAAP? (Do not round intermediate calculation.)

  Pueblo co acquires machinery by paying 10970 cash and

pueblo co. acquires machinery by paying 10970 cash and signing a 4400 2-year zero-interest-bearing note payable. the

  Calculate the breakeven point in units

Barnyard Buddies incurred fixed costs of $12,500. The sales price per unit for their product is $50 and the variable cost per unit is $30.

  Provide the journal entries to account for the events

Tewantin Ltd makes an offer to the public for investor to subscribe for 10 million shares. Provide the journal entries to account for the above events

  Make a journal entry to record the income tax expense

Excess tax depreciation will reverse equally over a four-year period, 20x2-20x5. Make a journal entry to record the income tax expense and liabilities for 20x1

  Calculate the receivable turnover and the average days sales

Calculate the receivable turnover and the average days' sales uncollected for 20x4. Please include complete explanations for the calculations

  What is the project npv

What is the project's NPV

  Company forecasts the total overhead

The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $15,500,000 and the actual machine hours are 220,000 hours.

  Complete the budgeted income statement for january

Tuition revenue in December 2011 was $70,000, and tuition revenue budgeted for January 2012 is $100,000. Complete the Budgeted Income Statement For January

  What account would we credit

On December 31, we determined that $6,850 in revenue had been earned. What account would we credit when we record this adjusting entry in the general journal

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd