Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured and bad debt losses cannot be reasonably predicted. It is unlikely that repossessed merchandise will be in salable condition. Therefore, Reliable uses the cost recovery method. Merchandise costing $30,000 was sold for $55,000 in 2010. Collections on this sale were $20,000 in 2010, $15,000 in 2011, and $20,000 in 2012.
In 2011, Reliable would recognize gross profit of:
a. $0.b. $6,000.c. $5,000.d. $10,000.
Suppose that you've a short investment horizon (less than one year). You're considering two investments: a one-year Treasury security and 20-year Treasury security.
At the time of issuance, the market interest rate for similar financial instruments is 10%. Instructions: As the controller of the company, determine the selling price of the bonds.
Capitalized asset cost and first year depreciation, and identifying depreciation results that meet management objectives
Fabert Corp uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% completed with respect to conversion costs.
On January 1, 2007, the stockholders of Phillips and Solina agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquirer-Prepare the journal entries on the books of Phillips to record t..
If I bought 400 shares of AllTell stock for $15 per share and one year later, sold the stock for $21 per share, and receive a $0.90 cash dividend:
Wecker Company's year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be 1.5% of accounts receivable.
During 2010 Silas Inc. had sales revenue $564,000, gross profit $264,000, operating expenses $99,000, cash dividends $45,000, other expenses and losses $30,000. Its corporate tax rate is 30%. What was Silas's income tax expense for the year?
The balance in the equipment account is $904,000, and the balance in the accumulated depreciation-equipment account is $316,400.
CGT Reliable Accounting Firm purchased some property on December 31, 2009, for $ 170,000, paying $ 40,000 in cash and obtaining a mortgage loan for the other $ 130,000. The interest rate is 9% per year, with $ 8055 payments made at the end of Marc..
Assuming that the company's tax rate is 30%, what amount will be reported for this loss on the income statement?
Variable costs as a percentage of sales for Leamon Inc. are 66%, current sales are $612,750. and fixed costs are $189,751. How much will operating income change if sales increase by $49,790?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd