The following data for Roco Corp. Are available for 2021: Installment accounts, receivable 12/31/21 100,000 Installment sales for 2021 350,000 Gross profit on installment sales 40% 1. Using the cost recovery method of reporting installment sales, the realized gross profit for 2021 is 2. Using the installment method of reporting installment sales, the realized gross profit for 2021 is

The following data for Roco Corp. Are available for 2021: Installment accounts, receivable 12/31/21 100,000 Installment sales for 2021 350,000 Gross profit on installment sales 40% 1. Using the cost recovery method of reporting installment sales, the realized gross profit for 2021 is 2. Using the installment method of reporting installment sales, the realized gross profit for 2021 is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On September 1, 2021, Daylight Donuts signed a $110,000, 10%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022.Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) Multiple Choice $5,500. $3,667. $1,833. $0.
PreviousBalance AnnualPercentageRate (APR)(as a %) MonthlyPeriodicRate FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $2,490.00 % 1 1 4 % $ $1,374.98 $300.00 $
An invoice dated 15th March 2021 for RM750 was paid on the 31st March 2021. If the trade discount was 15% and the cash discount terms were 8/10, 5/30 and n/30, find:a) The trade discount offered.b) The cash discount offered.c) The amount paid.
On April 2009, Entity A granted Entity Z a 4 year loan amounting to 5,000,000 of direct loan origination cost and receives nonrefundable origination fees amounting to 500,000. the stated interest is 10% payable annually every december 31. What is the interest income and carrying amount of the loans receivable on March 31, 2010?
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Blended payments on a $2017.00 loan were $419.00 per month. Interest was charged at 7% per annum calculated on the monthly unpaid balance. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment $2017.00 $2017.00 $419.00 $419.00 $419.00 4 $419.00 5 s0.00 Totals:
Beverly Place received a three-year, non-interest-bearing trade note for P50,000 on January 1, 2021. The current interest rate at that time was 15% for similar notes. Beverly recorded the receipt of the note as follows: Dr. Notes Receivable – 50,000, Cr. Sales – 50,000. What is the effect of this accounting for the note receivable on Beverly Place’s profit for the years 2021, 2022, and 2023 and its retained earnings at the end at the end of 2023, respectively? A.) Overstate, overstate, understate, no effect B.) Overstate, understate, understate, no effect C.) Overstate, understate, understate, understate D.) No effect on any of these
On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $21,500 annually for five years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 10%. Glanville should record sales revenue in January 2021 of: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $107,500 $81,502 $89,652 None of these answer choices are correct.
오 uses the installment sales method following data were obtained foe sales during 2017 Al-Taweel Corporation, which began business in 2017. appropriately and 2018 : 2017 2018 Installment sales OR 140,000 OR130, 000 Cost of installment sales 84,000 91,000 Cash collections on installment sales during 2017 55,000 37,000 2018 45,000 Required: Prepare journal entries for 2017 and 2018 to account for the installment sales and cash collections.