Computing realized gross profit

Reference no: EM13143705

WELD Company had the following information regarding installment sales. Installment sales: 2004: $300,000; 2005: $250,000; cost of installment sales: 2004: $180,000; 2005: $160,000; cash collected on 2004 sales: $120,000 in 2004; $160,000 in 2005; cash collections on 2005 sales: $100,000

A. Calculate realized gross profit for 2005

B. Record any journal entries required for 2004

Reference no: EM13143705

Questions Cloud

Cooperative behavior : Young Jim actually experiences the sadness of his friend Abdul when Abdul's dog runs away. Jim is exhibiting ______________. empathy altruism cooperative behavior

Determining cost of the equipment : Fogelberg Company purchased equipment for $12,000. Sales tax on the purchase was $600. Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installation costs of $270. What is the cost of the equip..

Income tax results of partnership formation : Bill contributes property (adjusted basis of $60,000; fair market value of $80,000) in exchange for his partnership interest. Which of the following statements is true concerning the income tax results of this partnership formation?

Probability half or more of the claims have been padded : Suppose that you are the director of an insurance adjustment office. Your office has just received 140 insurance claims to be processed in the next few days half or more of the claims have been padded.

Computing realized gross profit : Calculate realized gross profit for 2005. Record any journal entries required for 2004

Costs in the merchandising activities : Your supervisor tells you the marketing staff would also like clarification regarding prime and conversion costs and an explanation of how these terms fit with product and period costs. You are told that many on the staff are unable to classify co..

How large sample should take for margin of error : How large a sample should we take if we wish the 95% margin of error to be plus or minus $15.00. Assume from previous studies that the standard deviation is $120.

Determine the number of moles of o2 produced : 2 NaClO3-> 2 NaCl + 3 O2 Determine the number of moles of O2 produced by the decomposition of 213 g of NaClO3.

Aftertax cash flow from the sale of the asset : Consider an asset that costs $780,000 and is depreciated straigh-line to zero over its eight-year tax life. The aset is to be used in a five-year project; at teh end of the project, the asset can be sold for $135,000. If the relevant tax rate is 3..

User Account

All Pages