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Question - Uniplast PIc sold property worth $1,500,000 and allowed the buyer to make the payment in installments. The cost of the property sold is $1,000,000. The first instalment of $750,000 has been received in Year 1, while the rest of the payment is expected to be received in Year 2.
Required -
a) Briefly explain the conditions and profit estimation under the following two methods in Instalment Sales.
b) Calculate the amount of profit that will be recognized each year.
c) Identify and explain the revenue recognition method.
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Schneider Inc. had salaries payable of $60,000 and $91,500 at the end of 2012 and 2013, respectively. During 2013, Schneider recorded $621,200 in salaries expense in its income statement. Cash outflows for salaries in 2013 were:
ACFI 821 Advanced Financial Accounting and Reporting, and Management Accounting Assignment Help and Solution, University of Liverpool, UK
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the following information was provided by the treasurer of suretthe following information was provided by the treasurer
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