Reference no: EM132743790
J&B Co. which sells in installment basis, recognizes at year-end, gross profit based on collections made Installment Receivable:
Jan 1. Dec. 31
19x7 120,0000 0
19x8 1,722,300 337,200
19x9 2,050,450
19x7 19x8 19x9
Sales 1,900,000 2,160,000 3,010,000
Cost of sales 1,235,000 1,425,000 1,896,300
In 19x9, the company repossessed merchandise with a resale value of 8,500 from a customer who defaulted on hispayments. The account was incurred for 27,000 in 19x8, and 16,000 had been paid prior to the default. As collections are made, the company debits CASH and credits the related INSTALLMENT RECEIVABLE; for defaults, the company debits INVENTORY OF REPOSSESSED MERCHANDISE and also credits the related INSTALLMENT RECEIVABLE account.
Problem 1: The amount of the adjustment on Inventory of Repossessed Merchandise would:
a. 0
b. 2,500
c. 3,740
d. 5,645
|
What amount of the note payable should be classified
: Jam Company had P5,000,000 note payable due on March 1, 2021.What amount of the note payable should be classified as noncurrent on December 31, 2020?
|
|
How much of the losses incurred on the two stock sales
: How much of the losses incurred on the two stock sales can Jack and Jill deduct this year, assuming they do not have capital gains in the current or prior years
|
|
What amount should abc report as deferred revenue
: ABC Corp which began operations in 2016, In its Decemver 31, 2016, balance sheet, what amount should ABC report as deferred revenue?
|
|
Calculate total cost of producing one unit of Office monitor
: Based on traditional costing, calculate the total cost of producing one unit of Office monitor and one unit of Gaming monitor
|
|
What amount of the adjustment on inventory of repossessed
: In 19x9, the company repossessed merchandise with a resale value, What amount of the adjustment on Inventory of Repossessed Merchandise would
|
|
Contrast the processes of mitosis and meiosis
: Mitosis and meiosis are the two major processes by which eukaryotic cells reproduce. Compare and contrast the processes of mitosis and meiosis.
|
|
Record the general journal entries for the transactions
: Read the description of following transactions that are required during the accounting period for Mario's Electronics. Sold $2,200 in merchandise on credit.
|
|
List the products of glycolysis
: List the products of glycolysis. How many ATP molecules are produced and consumed by glycolysis? What effect does the presence of oxygen
|
|
Provide the journal entry to record the payroll tax expense
: The payroll register of Heritage Co. indicates $4,200 of social security withheld. Provide the journal entry to record the payroll tax expense for the period
|