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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 2013 and 2014 is as follows: 2013 2014 Sales $ 370,000 $ 470,000 Cost of sales240,500 282,000 Customer collections on: 2013 sales 155,000 135,000 2014 sales 185,000 Required: 1. Calculate the amount of gross profit that would be recognized each year from installment sales. 2.1Prepare all necessary journal entries for the year 2013. 2.2Prepare all necessary journal entries for the year 2014. Assume that Ajax uses the cost recovery method to account for its installment sales. 3.1 Compute the following: cash collection cost recovery gross profit 2013 sale 2013 sale 2014 sale 2014 total 3.2 Prepare all necessary journal entries for the year 2013.3.3 Prepare all necessary journal entries for the year 2014.
prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections the company uses the perpetual inventory system.
Dean signed an agreement to sell the plant for $350,000 January 1 year 10 and Lease it back for $15,000 per year, deans incremental borrowing rate is 6%. Present value factors for annuity
Kitel uses the effective interest method of amortizingbond discount. Interest is payable annually on June 30. At June 30,2007, Kitel's unamortized bond discount should be
Explain the difference between thetwo specific related balance-related audit objectives:
the following are monthly totals taken from the log of laser printer used by the hardcopy printing international. cost
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Mark does not evaluate the performance of any of the division chiefs and each chief must approve all new division employees. Do you expect Mark to succeed in this endeavour? Why or why not? Provide two solutions.
Evaluate the evidence provided by the Apollo Shoes Case Study. Compose an audit report, which reflects the appropriate length, sections, and content for the provided information.
If a company failed to make the end-of-period adjustment to remove from the Unearned Management Fees account the amount of management fees that were earned, this omission would cause:
King Pin issues $1,000,000 0f 12%. 10 year bonds that are dated Jan. 1, 2009. The first interest payment is due June 30, 2009 (Hint: interest is paid semi-annually). Record the issuance of the bonds and the first interest payment for each situation.
Gordon died on January 1 and by his will left land with an adjusted basis of $60,000 and a FMV of $100,000 to Becky. Becky disclaims the property on December 31 of the year of death, when the land was still worth $100,000. Becky has made a gift (b..
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