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The following summarized information relates to the installment-sales activity of Phillops Stores, Inc. for the year 2012.
a)prepare journal entries at the end of 2012 to record on the books of Phillips Stores Inc the summarized data above.
1) To Record installment sales
2) to record cash collected in installment receivables
3) To record cost of installment sales
4) To record merchandise repossessed
5) To defer gross profit on installment sales
b) Prepare the entry to record the gross profit realized during 2012.
List and describe one advantage and one disadvantage of raising external funds with debt, preferred stock, and common stock.
a company is negotiating with the bank for a 200000 90 day12 loan effective july 1 of the current year. if the bank
research a u.s. company in the service industry with e-commerce activities.write a six to seven 6-7 page paper in which
Loss Allocation
Which of the following is not a condition that would permit a public college or private college or university to avoid accounting recognition of the value of its collections of art, historical treasures, and similar assets?
Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of allowance for doubtful accounts at December 31,2011?
arrow industries employs a standard cost system in which direct materials inventory is carried at standard cost. arrow
It reported $270,000 cash provided by operating activities. In order to maintain production at 5,200 laptops, Drake invested in $8,000 in equipment. Drake paid $2,000 in dividends. What is Drake's free cash flow?
In 2010, a compact disc cost $14. If the price of CDs continues to increase at an annual compound rate of 4 percent, how much will a disc cost in 10 years? 25 years? 50 years?
Carrie Company sold merchandise with an invoice price of $1,000 to Underwood, Inc., with terms of 2/10, n/30.
After all noncash assets are sold and all liabilities are paid, there is a cash balance of $80,000. What amount of loss on realization should be allocated to Barbara?
Verify the calculation of the balance in the acccount equity in sub earnings and record the parent company entries with respect to its investment during 2013.
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