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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. Prepare journal entries to record each of these repossessions using a fair value approach. (Ignore interest charges.)
the 3600 of property taxes for the house in orlando were prorated with 1950 being apportioned to the seller and 1650
Suppose your company sold $25,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?
using the following information from char company prepare an income statement through operating income for the year
Duluth Castings Company makes a product, X-tol,from two materials. Ticon and VF. The standard prices and quantities are as follows.
Problem: Assume that investors have recently become more risk averse, so the market risk premium has increased. Also, assume that the risk-free rate and expected inflation have not changed. Which of the following is most likely to occur?
Calculate the amount of gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information.
consider p. ltd a one-asset firm with no liabilities. assume that the asset will generate end-of-year cash flows of 300
Debate the logic used in the following statement The person responsible for approving cash disbursements should also prepare the bank reconciliation because he is most familiar with the checks that have been written on that bank account.
Given the following probability distribution for an infinite population with the discrete random variable, x:
One of your customers, X has approached you to finish his records for the year finished March 31, 2009. Till date, he himself has recorded the exchanges in books of records.
CORPORATE TAX RETURN PROBLEM
in each of the following independent cases indicate the amount deductible for agi deductible from agi and neither
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