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On January 2, 2010, Blake Co. sold a used machine to Cooper, Inc. for $900,000, resulting in a gain of $270,000. On that date, Cooper paid $150,000 cash and signed a $750,000 note bearing interest at 10%. The note was payable in three annual installments of $250,000 beginning January 2, 2011. Blake appropriately accounted for the sale under the installment method. Cooper made a timely payment of the first installment on January 2, 2011, of $325,000, which included accrued interest of $75,000. What amount of deferred gross profit should Blake report at December 31, 2011?
Son Corporation is an 80 percent-owned subsidiary of Pin Corporation. In 2011, Son sold land that cost $15,000 to Pin for $25,000.
To CAPM or not to CAPM – that is the question. CAPM is a valuable tool that often comes under fire for all the estimates it relies upon. What are the key estimates used in CAPM? Why is this measure so harshly criticized? Do you agree with the critics..
On Dec 31, company needed to record its accrued wages for yr end. if dec 31 is a Wednesday, then company must account for three days of wages. the company operates on a five day work week, the prior week’s gross pay was 29,870 and the net pay was 19,..
Illustrate what would Ortiz report as total revenue in a single-step income statement?
Identify and discuss those risks of material misstatement at the financial statement level that are significant in directing the engagement team's audit procedures for the 2009 audit of New Era Computers Ltd; and
Prepare the schedule that Gorskikov LLP would prepare for Ms. Lee at December 31, 2011, setting forth the amounts that would be available for the college fund under each of the above alternatives. Brief explanation and calculations.
ABC Company wants to have $79,596 in three years. The company intends to accumulate that amount by making equal semi-annual cash deposits every six months for three years into a bank account that pays 8% interest compounded semi-annually. Calculate t..
How much revenue each month does the machine need to produce for you to earn $450 after taxes each month? After making your computations does this seem like a good business venture for you?
Compare the original budget to the flexible budget and calculate the volume variance. Compare the flexible budget to the actual budget and determine the price and quantity variances.
Explain and analyze the external factors on or of international business (e.g., political, legal, economics, culture, etc.) and how these may impact business.
Determine the equal annual net cash flows from operating the equipment. Round to the nearest dollar.
Prepare a statement of cash flows for 2011 .Use the direct method for reporting operating activities, refer to the above situation.
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