Business, 22.09.2020 14:01, chloehall2269
Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2013 and 2014:
2013 2014
Installment sales $370,000 $360,000
Cost of installment sales 185,000 252,000
Cash collections on installment sales during:
2013 160,000 110,000
2014 — 125,000
Required:
a. How much gross profit should Charter recognize in 2013 and 2014 from installment sales?
b. What should be the balance in the deferred gross profit account at the end of 2013 and 2014?
Answers: 3
Business, 22.06.2019 17:30, neriah30
Fabian got into an accident on his way to work. he had multiple fractures in his leg. his doctor advised strict bed rest for at least three months. fabian is a freelance wildlife photographer who usually works on a contract basis, and this is his primary source of income. before the accident, fabian was planning his finances. which goal of his financial plan would fabian in getting through without pay for the next three months? the goal that requires the creation of a/an would fabian get through the next three months without pay.
Answers: 1
Business, 22.06.2019 20:30, Roof55
When patey pontoons issued 4% bonds on january 1, 2018, with a face amount of $660,000, the market yield for bonds of similar risk and maturity was 5%. the bonds mature december 31, 2021 (4 years). interest is paid semiannually on june 30 and december 31?
Answers: 1
Business, 22.06.2019 21:40, andyboehm7411
The following items could appear on a bank reconciliation: a. outstanding checks, $670. b. deposits in transit, $1,500. c. nsf check from customer, no. 548, for $175. d. bank collection of note receivable of $800, and interest of $80. e. interest earned on bank balance, $20. f. service charge, $10. g. the business credited cash for $200. the correct amount was $2,000. h. the bank incorrectly decreased the business's by $350 for a check written by another business. classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance.
Answers: 1
Charter Corporation, which began business in 2013, appropriately uses the installment sales method o...
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