accounting help

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problems



25. ocala company sold items only on the installment plan in 2010 and 2011. additional information follows:
2010 2011
sales $108,000 $144,000
cost of goods sold 88,560 103,680
cash receipts on installment method sales
2010 sales 36,000 54,000
2011 sales -0- 45,000

prepare the december 31, 2010 adjusting entry to recognize the gross profit realized on installment sales.




27. the daytona company is involved in a three-year long-term contract. the following data relate to this contract:

2010 2011 2012 total
contract price $160,000
cost incurred each year $24,000 $24,000 $ 56,000 104,000
cost incurred to date 24,000 48,000 104,000
estimated cost to complete 96,000 48,000 0
partial billings each year 12,000 48,000 100,000
cash collected from billings 8,000 52,000 100,000

prepare the journal entries to reflect the percentage-of-completion method for 2011
a. construction costs for the year.
b. partial billings.
c. cash collections.





28. corpus christi corporation reported the following pretax (and taxable) information for 2010:
income from continuing operations $400,000
loss on disposal of segment b 40,000
extraordinary flood loss 60,000
prior period adjustmentdepreciation was understated in 2009 12,000
gain from operations of discontinued segment b 20,000
income tax rate 30%

required:
a. prepare the lower portion of corpus christi's 2010 income statement, beginning with pretax income for continuing operations. (omit the heading.)
b. prepare corpus christi's 2010 statement of retained earnings, assuming that retained earnings at january 1, 2010, was $600,000 and the company paid $35,000 of dividends in 2010. (omit the heading.)

a.

b.
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