User Account

All Pages

Installment sales450000 440000 cost of installment sales

Assignment Help Accounting Basics
Reference no: EM13588424

Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2013 and 2014:

Installment sales$450,000 $440,000 Cost of installment sales 360,000 396,000 Cash collections on installment sales during: 2013 150,000 135,000 2014 - 125,000

Required:

1.How much gross profit should Charter recognize in 2013 and 2014 from installment sales?

2.What should be the balance in the deferred gross profit account at the end of 2013 and 2014?

Reference no: EM13588424

Questions Cloud

The bank account as a control device that helps to protect : the bank account as a control device that helps to protect cash. one of the requirements is to conduct periodic bank
Employability and professional development hican you please : hi ltbrgtcan you please help me with the attached assignment its total of 4000 words. ltbrgtand it needs to be based on
The resonant frequency of a certain series rlc circuit is : question the resonant frequency of a certain series rlc circuit is 3.88 khz and the value of its capacitance is 7.00
For each of the above items discuss any additional : for each of the above items discuss any additional disclosures in the financial statements and notes that the auditor
Installment sales450000 440000 cost of installment sales : charter corporation which began business in 2013 appropriately uses the installment sales method of accounting for its
A household pays 1850 per year for the supplied electricity : question a household pays 1850 per year for the supplied electricity. assuming the rate of 0.11 per kwh and 10 hours of
Flip enterprises produces miniature parasols each parasol : flip enterprises produces miniature parasols. each parasol consists of 1.20 of variable costs and .90 of fixed costs
Explain the significance of the return on equity ratio who : 1. name and briefly describe each of the four financial statements.2. briefly distinguish between financial accounting
Case development began operations in december 2013 when : case development began operations in december 2013. when property is sold on an installment basis case recognizes

Reviews

Write a Review

Accounting Basics Questions & Answers

  Amount of net sales from the transactions

Gold Co. sold merchandise to Bronze Co. on account, $25,000, terms 2/15, net 45. The cost of the merchandise sold is $18,500. Gold Co. issued a credit memorandum for $2,500 for merchandise returned that originally cost $1,900. Bronze Co. paid the ..

  On nov 12 ms don amp co sold merchandise on account to

complete all the steps of journalizing based on the information provided below.on december 15 ms. corne amp co.

  Amount of gain or loss on the sale

An investor purchased 500 shares of common stock, $25 par, for $21,750. Subsequently, 100 shares were sold for $47.50 per share. What is the amount of gain or loss on the sale?

  What are some of the ways that financial information

The CEO of your company has requested that you prepare a written presentation to be given at the next board of directors meeting regarding the continuing impact that the information age has on financial accounting.

  Peachtree allows you to add vendors and process vendor

peachtree allows you to add vendors and process vendor invoices for payment. what would be the transaction cycle? hint

  Adani inc sells goods to geo company for 11000 on january 2

adani inc. sells goods to geo company for 11000 on january 2 2012 with payment due in 12 months. the fair value of the

  Enviro company issues 8 10-year bonds with a par value of

prepare the journal entries for the issuance of the bonds in both qs 14-1 and qs 14-2. assume that both bonds are

  Determine budgeted overhead per unit

Expected sales are 40,000 units; expected production is 50,000 units; practical (maximum) capacity is 100,000 units. If Tayla Industries uses a normal costing system and a plantwide predetermined overhead rate, the budgeted overhead per unit is:

  At year-end alvare company estimates its bad debts as 070

at year-end alvare company estimates its bad debts as 0.70 of its annual credit sales of 762000. alvare records its bad

  At what volume was the old break-even

You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an important cash producer for the company.

  Compute the average manufacturing cost

Compute the average manufacturing cost of each sewing machine assuming direct materials are $175 per machine

  Compute the cost of the ending inventory under each of

during april leary company sold 1000 units of product q. its beginning inventory and purchases during the month are

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd