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Octagon Co. appropriately uses the installment sales method of accounting for its installment sales.
During 2006, Octagon made installment sales of $400,000 and received payments of $250,000 on those sales. Octagon's gross profit margin is 40%
Prepare journal entries to record the sale, collection, and recognition of gross profit.
Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.
Explain the problem with authority and resoning
At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.
Suppose that Noven had $49,000 in an inventory of transdermal estrogen delivery patches. These patches are from an initial production run, and will be sold during the coming year.
Using the successful efforts method of accounting for oil and gas exploration costs, how much exploration expense would be shown in Exploratory's income statement for 2013?
Gerken Company concluded at the beginning of 2013 that the company's ownership interest in DillCo had increased to the point that it became appropriate to begin using the equity method to account for the investment.
Condensed balance sheets for Phillips Company and Solina Company on January 1, 2007, are as follows: Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company's net assets
What are some advantages and disadvantages of different types of direct and indirect foreign investments?
If the manager of the Eastern Division is evaluated on return on investment alone, will the manager invest in the new project? Explain.
Determine the effect on EZ's accounting equation relative to the sale, collections, and write-offs of accounts receivable during 1007. What is the net realizable value of accounts receivable on December 31, 2007, under each assumption in part (2)?
Assuming that the company uses the percentage of receivables allowance method, prepare the adjusting entry on December 31, 2001, to recognize bad debts expense.
Fairfax Company had a balance in Deferred Tax Liability of $840 on December 31, 2014, resulting from depreciation timing differences. Make the income tax journal entry for the Fairfax Company for December 31, 2014.
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