User Account

All Pages

Prepare december adjusting entry to recognize gross profit

Assignment Help Accounting Basics
Reference no: EM131919238

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.

Reference no: EM131919238

Questions Cloud

What is the marginal rate of return : Formulate a linear mathematical model to achieve the manager's objective. Clearly define your decision variables, objective and constraints.
What is wesley realized gain on the sale : Wesley had purchased the property for $15,000 and had invested an additional $6,000 in it. What is Wesley's realized gain on the sale
What is the yield you could expect on bond : If coupon payments are semiannual, and the bond is currently selling for $1,125, what is the yield you could expect on this bond if you held it until it matures
What is the socially optimal level of water skiing : Calculate the loss of surplus if there is no government intervention in this market. What is the socially optimal level of water skiing?
Prepare december adjusting entry to recognize gross profit : Cost of goods sold 88,560 103,680. Prepare the December 31, 2010 adjusting entry to recognize the gross profit realized on installment sales
What is the socially optimal level of pediatrician visits : The local government has decided that because children's health has large external benefits. What is the socially optimal level of pediatrician visits?
Differentiate between open-end and closed-end mutual funds : Now imagine that you bought a mutual fund that had a beginning NAV of $10 per share. It paid dividends of $0.50 and distributed capital gains of $0.75.
Prepare journal entries to reflect percentage-of-completion : Prepare the journal entries to reflect the percentage-of-completion method for 2011: Construction costs for the year and Partial billings
Which of the given scenarios would lead to removal of bats : Which of the following scenarios would lead to removal of the bats? Check all that apply. Foster pays Johnston $50,000 to contribute to bat removal.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the adjustment journal entry needed on december

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.

  Most recent balance sheet in appendix a

1.Refer to KTM's most recent balance sheet in Appendix A. Identify and list its 7 current assets.

  Calculate the gain realized on the sale of stewart residence

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

following are selected transactions for eduardo company. nov. 1 accepted a 5000 180-day 6 note dated november 1 from

  Who is the commissioner of the irs

For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.

  Carey is a self-employed landscaper he contracted to

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

on january 1 2008 jeremiah corporation had 40000 of 12 par value common stock outstanding. on june 1 2008 jeremiah

  Journalize the transactions explanations are not required

Aug 19 Issued 10,000 shares of $5.00 par common stock for cash of $12.00 per share. Journalize the transactions. Explanations are not required

  Manufacturing cost per unit

Assuming the company uses variable costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)

  Calculate the beginning inventory in process

Calculate the beginning inventory in process for (a) direct material equivalent units and (b) the conversion equivalent units if 10,000 whole units are identified and they are 40% completed.

  Matrix stores inc is considering leasing a building and

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

Describe the various techniques that companies use to control cash. The liquidity of cash makes controls over it very important to have in place.

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