Installent sale method
During 2008, Coronado Inc. had Sales Revenue of $240,000 and cost of goods sold of $180,000. The installent sale method was appropriately used.
Collections on the sale were: $60,000 in 2008, $90,000 in 2009, and $95,000 in 2010.
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On November 8, 2006, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
Justings Co. owned 80% of Evana Corp. During 2006, Justings sold to Evana land with a book value of $48,000. The selling price was $70,000. In its accounting records, Justings should:
At the date of transfer, Demers records carried the equipment at a cost of $120,000 less accumulated depreciation of $48,000. Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Co
Canary Corporation has 1,000 shares of stock outstanding. It redeems in a qualifying stock redemption 200 shares for $200,000 at a time when it has paid-in capital of $100,000 and E & P or $800,000. What would be the charge to Canary's E &
If a single-rate cost-allocation method is used, what amount of operating costs will be budgeted for the Lamp Division each month? For the Flashlight Division each month?
Lowry Company has sales of $125,000, cost of goods sold of $70,000, operating expenses of $20,000, average invested assets of $400,000, and a hurdle rate of 8 percent. Calculate Lowry's return on investment and its residual income
Under the terms of the written separation agreement they signed on July 1, 2006, Richard was required to pay Alice $1,500 per month of which $600 was designated as child support. He made 12 such payments in 2009. Assuming that Alice has no other i
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