A realized gross profit, Financial Accounting

Assignment Help:

On December 15, 2011 Risby Sales Co. sold a track of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payable on Dec.15,2012 and December 15, 2013. Ignore interest charges. Rigsby has a Dec 31 year end.
a a realized gross profit of $100,000
b. a deferred gross profit of $100,000
c. an installment receivables (net) of 3,200,000
d. an installment receivables (net) of $4,000,000


Related Discussions:- A realized gross profit

Acid-test ratio, What is Acid-test ratio A measurement of the capabilit...

What is Acid-test ratio A measurement of the capability of a business to meet its short-term commitments. It is considered by dividing excluding stock, current assets, by curre

The notes to the accounts-financial statement, THE NOTES TO THE ACCOUNTS ...

THE NOTES TO THE ACCOUNTS The notes to the accounts provide additional information on the a/c policies that the company has adopted the make-up of some of the items appearing on

What is basic defination of fca, Q. What is basic defination of FCA? Ye...

Q. What is basic defination of FCA? Yes. FCA is a method of accounting for all financial costs of funds used or committed for municipal solid waste (MSW) services. FCA suggests

Determine the npv of future cash flows, While many people know that Sonora,...

While many people know that Sonora, Mexico is a beautiful vacation spot, it is also a large furniture manufacturing location in North America. Guillermo Navallez made furniture for

IRR, what managers should know about internal rate of return( IRR) and wh

what managers should know about internal rate of return( IRR) and why

What is reporting currency, 1. What accounting firm performed the audit of ...

1. What accounting firm performed the audit of Zetar's financial statement? 2. What is the address of the company's corporate headquarters? 3. What is the company's reporting

What are the tax effects of the debt adjustments, Harry purchased equipment...

Harry purchased equipment for his business and gave the seller cash and a note due in two years. Larry also purchased business equipment, but financed the transaction with a bank l

Prepare financial statements for non reporting entities, THDS Brewery is pr...

THDS Brewery is priavet limited company(plc) established according to the Ethiopian commercial code.it is engaged in brewery business

Concepts in accounting, J inherited 30000 & decides to open a saloon.1/4/20...

J inherited 30000 & decides to open a saloon.1/4/2016.under jasper.commits 10000 to the business .opens a a/c in the bank as jasper. What will be th capital amount in his books o

Write Your Message!

Captcha
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!

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