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On December 15, 2011 Risby Sales Co. sold a track of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payable on Dec.15,2012 and December 15, 2013. Ignore interest charges. Rigsby has a Dec 31 year end.
a a realized gross profit of $100,000
b. a deferred gross profit of $100,000
c. an installment receivables (net) of 3,200,000
d. an installment receivables (net) of $4,000,000
Prepare the bank reconciliation for Janus Jutes, Inc. dated May 31, 2009. Janus made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
Elston Company is authorized to issue 1,000,000 shares of $1 par value common stock. During 2002, its 1st year of operation the corporation has the following stock transactions:
Amber City borrowed $1,000,000 secured by a 5-year mortgage note. The cash from the note was used to purchase a building for vehicle and equipment maintenance. Show how these two transactions should be recorded in the General Fund and governmen..
On January 1, 2009, Glenville Co. acquired 80,000 of the 100,000 shares outstanding in Acron Corp. for $500,000. The fair value of Acron's net assets was $600,000 and Glenville will account for its interest using the acquisition method.
The office space is used equally by dye's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses in dye's multiple-step income statement?
Lupa Inc. trades its used machine (cost $12,000 less $4,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair market value of $9,000), Lupa also paid cash of $3,000.
The present value of these cash flows, discounted at Harrel"s market interest rate, is $2,800,000. At what amount should the patent be carried on the December 31, 2011 balance sheet?
Why would a state or local government establish a capital projects fund? What type of project might be considered a capital project? Could operating functions ever be funded with capital projects funds?
What requirements must be met for property to qualify for like-kind exchange treatment?
Some companies implement systems to reduce defects in finished products with the goal of achieving zero defects. What are these systems called?
Collect the 4 main financial statements from credible sources (newspaper, peer-reviewed journals, investor relations, web sites or annual reports. Create a flow chart that illustrates the steps in the accounting cycle.
Due to an increase in demand, the company estimates that sales will increase by $53,000 during the next year. By how much should net operating income increase (or net loss decrease) assuming that fixed costs do not change?
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