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On July 1, 2011, Apache Company sold a parcel of undeveloped land to a construction company for $3,000,000. The book value of the land on Apache's books was $1,200,000. Terms of the sale required a down payment of $150,000 and 19 annual payments of $150,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2012. Appache has no significant obligations to perform services after the sale. How much gross profit will Apache recognize in both 2011 and 2012 assuming Point of Delivery profit recognition? How much gross profit will Apache recognize in both 2011 and 2012 applying the Cost Recovery Method?
Frantic Fast food had earnings after taxes of $390,000 in the year 2009 with 300,000 shares outstanding. On January 1, 2010, the firm issued 25,000 new shares. Because of the proceeds from these new shares and other operating improvements, earning..
Octagon Co. appropriately uses the installment sales method of accounting for its installment sales. Prepare journal entries to record the sale, collection, and recognition of gross profit.
Assuming that all direct materials are placed in process at the beginning of production, what is the total cost of the 18,000 units completed during the period?
Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.
The buyer paid him $110,000 in cash, agreed to take the title subject to the $190,000 mortgage, and agreed to pay him $80,000 with interest at 9 percent one year from the date of sale. How much is Louis' recognized gain on the sale?
Under GAAP, an entry should be made to the bad debt expense account
At the start of 2012, Vadercorp reported retained earnings totaling $940,000. Prepare a statement of retained earnings.
By automating the process, the company would save $108,000 per year in cash operating costs. The simple rate of return on the investment is closest to:
Research and locate the business information of an energy company. The investigation team has assigned to you the task of identifying databases that are repository of public records, and that may be used for investigating the following:
martin is married and claims four exemptions on his w- 4. what is his federal income tax withholding under the
Why has the IRS relaxed enforcing the "fringe benefit" restrictions on De Minimis fringe benefits?
Laws and Regulations of Accounting Write a paper (minimum of three pages, typed, double-spaced, size 12 font, 1 inch margins). Program outcome:Prepare and understand reporting procedures and requirements
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