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Question - Ocala Company sold items only on the installment plan in 2010 and 2011. Additional information follows:
2010 2011
Sales $108,000 $144,000
Cost of goods sold 88,560 103,680
Cash receipts on installment method sales
2010 sales 36,000 54,000
2011 sales -0- 45,000
Prepare the December 31, 2010 adjusting entry to recognize the gross profit realized on installment sales.
Prepare the adjustment journal entry needed on December 31, 2017. Prepare the journal entry to record the sale of the Colorado co stock during 2018.
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Stewart, age 44, sells his personal residence of four years on June 14, current tax year for $185,000. Calculate the gain realized on sale of Stewarts residence
following are selected transactions for eduardo company. nov. 1 accepted a 5000 180-day 6 note dated november 1 from
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carey is a self-employed landscaper. he contracted to maintain teds lawn for 150 per month. ted was very pleased with
on january 1 2008 jeremiah corporation had 40000 of 12 par value common stock outstanding. on june 1 2008 jeremiah
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matrix stores inc. is considering leasing a building and purchasing the necessary equipment to operate a retail store.
Describe the various techniques that companies use to control cash. The liquidity of cash makes controls over it very important to have in place.
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