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Question: (Installment-Sales-Default and Repossession) Crawford Imports Inc. was involved in two default and repossession cases during the year:
1. A refrigerator was sold to Cindy McClary for $1,800, including a 30% markup on selling price. McClary made a down payment of 20%, four of the remaining 16 equal payments, and then defaulted on further payments. The refrigerator was repossessed, at which time the fair value was determined to be $800.
2. An oven that cost $1,200 was sold to Travis Longman for $1,500 on the installment basis. Longman made a down payment of $240 and paid $80 a month for six months, after which he defaulted. The oven was repossessed and the estimated fair value at time of repossession was determined to be $750.
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
For the fiscal year,sales were $5,280,000,sales discounts were $100,000, sales returns and allowances were $75,000 and the cost of the merchandise sold was $3,000,000. (A) what is the amount of net sales?
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1. examples of intangible assets includea. technological managerial and marketing know-how.b. superior rampd
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