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Question 1: On August 1, 2014, Sugar Crush Marketing Co. sold a piece of land costing P 540,000 at a gross margin of 66 2/3% above cost. The buyer paid a 20% down payment and made four installment of P 36,000 each month during the same year staring September 1. Using the installment method of accounting, how much is the realized gross margin in 2014?
a. 72,000
b. 86,400
c. c. 129,600
d. d. 194,400
Prepare the journal entry for the issuance of the note by Ontario Resources. Prepare the appropriate adjusting entry for the note by Ontario Resources on December 31, 2013. Show calculations.Prepare the journal entry for the payment of the note at ma..
Arnie, a college student, purchased a truck in 2010 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a five year recovery period and he claimed depreciation ..
The stockholder's equity accounts of Lawrence Company have the folowing balance on December 31, 2010. Common stock, $10 par, 274,000 shares issued and outstanding $2,740,000, Paid-in capital in excess of par $1,200,000, Retained Earnings $5,600,00..
on october 29 2010 lue co. began operations by purchasing razors for resale. the razors have a 90-day warranty that
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On January 1, 2016, Knorr Corporation issued $1,400,000 of 6%, 5-year bonds dated January 1, 2016. Prepare journal entries to record second interest payment
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sherrod inc. reported pretax accounting income of 76 million for 2011. the following information relates to differences
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