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Mandarin Partners appropriately uses the instalment-sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and 2015.
2014 2015 Instalment sales $300,000 $750,000
Cost of instalment sales 255,000 660,000
Cash collections on 2014 sales 70,000 201,000
Cash collections on 2015 sales –0– 216,000
Instructions (a) Compute the amount of realized gross profit recognized in each year. (b) Prepare all journal entries required in 2015
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Which of the following is not a concept from the performance principle under generally accepted auditing standards?
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In a few short sentences please provide me with your thoughts on the following paragraph. Advertisers use case studies to add credibility to what they're saying their product is capable of doing.
What general types of information must public companies regulated by the SEC disclose in their annual reports regarding their dividend policies? Why is this information important to potential investors?
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