User Account

All Pages

What is the realized gross profit from the collections

Assignment Help Financial Accounting
Reference no: EM132953180

Question - On October 1, 2010, Kabudlay Ba Co. sold equipment on installment basis. The equipment costs the company an amount of P600,000, but the installment selling price was set at P850,000. The terms of payment included the acceptance of a used equipment with the balance to be paid in ten (10) monthly installment due at the end of each month commencing the month of sale. It would require P12,500to recondition the used equipment so that it could be sold for P250,000. A 15% gross profit was usual from sale of used equipment. What is the realized gross profit from the 2010 collections?

Reference no: EM132953180

Questions Cloud

Weapons of mass destruction : Discuss how you can apply the concepts learned in this course (Weapons of Mass Destruction) to your current or future career.
Compute the machine payback period : A machine can be purchased for $284,000 and used for five years, yielding the following net incomes. Compute the machine payback period
What is the system called that is used for collecting tax : What is the system called that is used for collecting tax liabilities from a business during the current financial year
Compute the cost variances for direct materials : Compute the cost variances for direct materials and direct? labor, and identify whether each variance is favorable? (F) or unfavorable? (U)
What is the realized gross profit from the collections : A 15% gross profit was usual from sale of used equipment. What is the realized gross profit from the 2010 collections
What the sheridan would report actual gross profit : In Sheridan Company's income statement, they report gross profit of $62000 at standard. What the Sheridan would report actual gross profit
Compute the profitability index for each project : Project 1 requires an initial investment of $510,000 and has a present value of cash flows of $1,950,000.0. Compute the profitability index for each project
Compute project a accounting rate of return : Project A is expected to yield annual net income of $20,500 per year for the next five years. Compute Project A's accounting rate of return
Calculate the estate taxes payable to the federal government : Assuming there is a $5,000,000 estate, calculate the estate taxes payable to the federal government

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd