On july 1 2013 apache company sold a parcel of undeveloped

Assignment Help Accounting Basics

Reference no: EM13576103

On July 1, 2013, 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 2014. Apache has no significant obligations to perform services after the sale.

How much gross profit will Apache recognize in both 2013 and 2014 applying the installment sales method?

Reference no: EM13576103

Questions Cloud

Internal services funds are classified as proprietary funds : this is for government and not for profit governemtal accounting.financial statements must be adjusted to ensure proper

Review the following information from the article a : review the following information from the article a cost-benefit analysis of the new orleans flood protection system by

Prove the following statements about conditional : prove the following statements about conditional probabilitiesfor any two events a and b pab1-pnotab. if a and b are

In 2006 ellen contributed property with a basis of 500000 : in 2006 ellen contributed property with a basis of 500000 and a fair market value of 3000000 to a qualified small

On july 1 2013 apache company sold a parcel of undeveloped : on july 1 2013 apache company sold a parcel of undeveloped land to a construction company for 3000000. the book value

For each pair of values state the decision that will occur : for each pair of values state the decision that will occur and state whyp-value 0.014 a 0.02p-value 0.118 a

Dinkle manufacturing company manufactures a variety of : dinkle manufacturing company manufactures a variety of tools and industrial equipment. the company operates through

The teacher ratio is 125 currently the school district has : the teacher ratio is 125. currently the school district has 3150 students. if the student enrollment increases by 20

An investment has an installed cost of 673658 the cash : 1 an investment has an installed cost of 673658. the cash flows over the four-year life of the investment are projected

User Account

All Pages