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Pelong Corporation sells land for $80,000 on credit, requiring a $40,000 payment in 6 months with the remainder paid in 12 months. Pelong considers this to be a transaction incidental to its operations. Pelong had originally purchased the land at a cost of $50,000. It uses the installment method to record this transaction.
Prepare the journal entries to record the sale of the land and the first $40,000 receipt.
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Prepare the income statement for that month and what is the Cost of Goods Available for Sale
If an officer is not actually paid his salary but the salary is shown as accrued for 2010, for a C Corp, is the total accrued amount for that officer included on Schedule E or only what the officer is actually paid in 2010?
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A company anticipates a taxable cash expense of $50,000 in year 2 of a project. The company's tax rate is 30% and its discount rate is 14%. The present value of this future cash flow is closest to ??
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During an entity's lifetime, accountants produce financial statements at arbitrary moments in time in accordance with which basic accounting concept?
the following information relates to the city of millersville for the fiscal year ending 123113.1. total fund balance -
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