Reference no: EM131292156
Fryman Furniture uses the installment-sales method. No further collections could be made on an account with a balance of $36,000. It was estimated that the repossessed furniture could be sold as is for $10,800, or for $12,600 if $600 were spent reconditioning it. The gross profit rate on the original sale was 40%. The loss on repossession was
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Classified as direct labor-direct materials or selling
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Assume that interest payments were initially required
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American foods undercut the locals on the price
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Indicate problems with potential inventory obsolescence
: Why it is important for the auditor to use risk analysis to develop expectations about client performance? What ratios would best indicate problems with potential inventory obsolescence or collectibility of receivables? How are those ratios calculate..
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Uses the installment-sales method
: Fryman Furniture uses the installment-sales method. No further collections could be made on an account with a balance of $36,000. It was estimated that the repossessed furniture could be sold as is for $10,800, or for $12,600 if $600 were spent recon..
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Cost exceeded its market value
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Increase as result of installment sales
: During 2012, Martin Corporation sold merchandise costing $2,800,000 on an installment basis for $4,000,000. The cash receipts related to these sales were collected as follows: 2012, $1,600,000; 2013, $1,400,000; 2014, $1,000,000. If expenses, other t..
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Deferred compensation plan
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Income from continuing operations before income taxes
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