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Newton Co. had installment sales of $1,000,000 and cost of installment sales of $700,000 in 2010. A 2010 sale resulted in a default in 2012, at which time the balance of the installment receivable was $30,ooo. The repossessed merchandise had a fair value of $15,000.
Instructions
(a) Calulate the rate of gross profit on 2010 installment sales.
(b) Make the entry rocord the repossession.
Gemstone Corporation has a sales budget for next month of $600,000. Cost of goods sold is expected to be 30 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
Determine which expenses are mixed and, by use of the high low method, seperate each mixed expense into its variable and fixed components. state the cost formula for each mixed expense.
Which of the following is required as part of a complete set of financial statements for a private college or university?
Rumpole Company produces a special spray nozzle. The budgeted indirect total cost of inserting the spray nozzle is $100,000. The budgeted number of nozzles to be inserted is 25,000. What is the budgeted indirect cost allocation rate for this activ..
Your company's CEO has just learned that your firm's equity can be viewed as an option. Why might he want to increase the riskiness of the company, and why might other stakeholders be unhappy about this?
Reorder point under conditions of uncertainty given. Find out the low-cost reorder point under conditions of uncertainty given the following information:
On January 1, 2007, Sloane Co. purchased 25% of Orr Corp.'s common stock; no goodwill resulted from the purchase. Sloane appropriately carries this investment at equity and the balance in Sloane's investment account was $720,000 at December 31, 20..
Under the terms of his salary agreement, president Juan Rivera has an option of receiving either an immediate bonus of $40,000, or a deferred bonus of $75,000 payable in 10 years.
Ringler Corporation exchanges one plant asset for a similar plant asset and gives cash in the exchange. The exchange is not expected to cause a material change in the future cash flows for either entity. If a gain on the disposal of the old asset ..
Calculate the recomputed basis of the property. Calculate the amount of ordinary income under Section 1245. Calculate the Section 1231 gain.
In applying the book value method, what amount should Morgan credit to the account "paid-in capital in excess of par," as a result of this conversion?
A.The character of any income or loss will be ordinary regardless of when the contributed property is sold by the partnership and regardless of the character of the asset in the hands of the partnership.
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