User Account

All Pages

Compute the realized gross profit for each of the year

Assignment Help Accounting Basics
Reference no: EM131154518

Accounting

(Installment-Sales Computations and Entries) Presented below is summarized information for Scribner Co., which sells merchandise on the installment basis.

 

2014

2015

2016

Sales (on installment plan)

$340,000

$300,000

$370,000

Cost of sales

217,600

198,000

240,500

Cost of sales

$122,400

$102,000

$129,500

Collections from customers on:

 

 

 

2014 installment sales

$130,000

$120,000

$ 40,000

2015 installment sales

 

00,000

110,000

2016 installment sales

 

 

140,000

Instructions:

A) Compute the realized gross profit for each of the year 2016. Please check attachment for this answer and make sure correct.

B) Prepare in journal form all entries required in 2016, applying the installment-sales method of accounting. (Ignore interest charges.)

Reference no: EM131154518

Questions Cloud

Explore how excel reports are represented in data tables : The SLPs for Modules 1-3 will introduce you to Microsoft Excel functions for cell formatting and applying simple formulas and functions, basic pivot tables, and what-if equations. You will also explore how Excel reports are represented in data tab..
Advertising tune for a fast-food chain : Getting hungry upon hearing the advertising tune for a fast-food chain is an example of ____ conditioning
Prepare a statement of cash flows in good : A Boscia Corporation's balance sheet appears below.  The net income for the year was $108. Cash dividends were $28. Prepare a statement of cash flows in good form using the indirect method.
Innovative technology worksheet : What factors must be considered when implementing an innovative technology internally? What factors must be considered when implementing an externally acquired innovative techology?
Compute the realized gross profit for each of the year : Compute the realized gross profit for each of the year 2016. Prepare in journal form all entries required in 2016, applying the installment-sales method of accounting.
Statement of what you expect to accomplish with speech : A specific statement of what you expect to accomplish with your speech - your desired outcome.- A creative title will add to audience interest.
Determine the apparent power and the reactive power : Determine the apparent power and the reactive power drawn by the load.
How is a web app different from a desktop application : What operating system does your computer use? What are some examples of applications residing in your personal computer? Do you use any apps or websites now that you think are cloud-based? How is a web app different from a desktop application?
Find the voltage at the load terminals : find the voltage at the load terminals, the terminal voltage of the generator G2, and the real power, as well as the reactive power output of the generator G2.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare an analysis of hard drives and bad luck

1. A summary of the fact situation for the case 2. A description of the financial process or system procedures used, if necessary.

  The income is credited to its earnings and profits account

The income is credited to its earnings and profits account. The corporation distributes $9,495 to Chaz. If an amount is zero, enter "0".

  The expected average rate of return for a proposed

the expected average rate of return for a proposed investment of 800000 in a fixed asset with a useful life of four

  Conditions of the mrm and the f-test

Suppose an ANOVA meets the conditions of the MRM and the F-test rejects the overall null hypothesis that four groups have equal means. Group 1 has the largest sample mean and Group 4 has the smallest. Does the confidence interval for m1 - m4 conta..

  What is the maximum amount per unit the company would

what is the maximum amount per unit the company would be willing to pay to the outside manufacturer?

  The assembly department shows the following

1. the assembly department shows the following informationunitsbeginning work in process 20000 ending work in process

  Problem related to lease contract

The direct method statement of cash flows for the lessor should reflect which of the following in the first year of the lease contract (ignore noncash disclosures)?

  Bob soakup and clare karr are examining the following

Using the data provided, prepare a statement of cash flows in proper form using the indirect method. The only noncash items in the income statement are depreciation and the gain from the sale of the investment.

  Discuss the short term credit risk of the company

discuss the short term credit risk of the company

  Treatment for the presentation of current liabilities?

treatment for the presentation of current liabilities?

  Do you see significant changes in the future

Identify the important external factors that are influencing your company's performance. Are there new regulations, or do you see significant changes in the future?

  Calculate the diluted earnings per common share

At January 1, 2013, Canaday Corporation had outstanding the following securities:

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