What is the balance in the deferred gross profit, Accounting Basics

+44 141 628 6080
[email protected]

What is the balance in the deferred gross profit

Big Bear Company deals in distressed properties and makes high-risk sales. In 2012, the company sold for $250,000 a piece of property that cost $150,000. The cost recovery method was appropriately used. Collections on the sale were: $80,000 in 2012, $120,000 in 2013, and $50,000 in 2014. What is the balance in the deferred gross profit account at the end of 2013?

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the balance in the deferred gross profit

Reference No:- TGS0691561

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : What year end adjusting entry should be made

The allowance for uncollectible accounts had a balance of $1,400 on January 1 at the beginning of the year. During the year, bad debts of $750 were written off. What year end adjusting entry should be made?

Q : Write an equation to model the situation

You have a part time job. you work for 3 hours on friday and 6 hours on saturday. you also receive an allowance of 20 dollars per week. you earn 92 dollars per week. how much do you earn per hour at your part time job. write an equation to model t

Q : Determine the net present value of the cash flows

Dobson Contractors is considering buying equipment at a cost of $75,000. The equipment is expected to generate cash flows of $15,000 per year for eight years and can be sold at the end of eight years for $5,000.

Q : Calculate the warrens income tax liability

Warren, age 26, is single. Warren's son lives with the child's mother, who has waived her right to claim the child. Warren's adjusted gross income for 2013 is $32,875.

Q : What is the balance in the deferred gross profit

Big Bear Company deals in distressed properties and makes high-risk sales. In 2012, the company sold for $250,000 a piece of property that cost $150,000.

Q : Find the new angular speed of earth

The Earth has an angular speed of 7.272·10-5 rad/s in its rotation.Find the new angular speed if an asteroid (m = 4.99·1022 kg) hits the Earth while traveling at a speed of 2.19·103 m/s(assume the asteroid is a point mass compare

Q : What percentage of indians like both apples and oranges

Question: A survey shows that 74% of the indians like apples, where 68% like orange. What percentage of the indians like both apples and oranges?

Q : Calculate the revenue to be recognized in fiscal year

Compute the revenue to be recognized in fiscal year 2014 for each of the three operating divisions of Van Hatten Industries in accordance with generally accepted accounting principles.

Q : Explain role and limitations of management accounting theory

Critically understand of specific analytical skills in key areas within management accounting at local and international level.

1959214

Questions
Asked

3,689

Active Tutors

1437285

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the balance in the deferred gross profit

Reference No:- TGS0691561

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What year end adjusting entry should be made

Q : Write an equation to model the situation

Q : Determine the net present value of the cash flows

Q : Calculate the warrens income tax liability

Q : What is the balance in the deferred gross profit

Q : Find the new angular speed of earth

Q : What percentage of indians like both apples and oranges

Q : Calculate the revenue to be recognized in fiscal year

Q : Explain role and limitations of management accounting theory

Investigate the cause of the recent werewolf attacks

Describe marxist theory and psychology of addiction

Explain framers decisions in creating the constitution

Federal bureaucracy has to put up with a lot of red tape

What power of recognition when it comes to office president

What right ordinance power give to the president

Analyze leadership of organization during particular event

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the balance in the deferred gross profit

Reference No:- TGS0691561

Recent Questions Asked Accounting Basics

Q : What year end adjusting entry should be made

Q : Write an equation to model the situation

Q : Determine the net present value of the cash flows

Q : Calculate the warrens income tax liability

Q : What is the balance in the deferred gross profit

Q : Find the new angular speed of earth

Q : What percentage of indians like both apples and oranges

Q : Calculate the revenue to be recognized in fiscal year

Q : Explain role and limitations of management accounting theory

Asked Questions