THRALL SLAVE Co. uses the installment method. Information on installment sales in 20x1 and 20x2 is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
THRALL SLAVE Co. uses the installment method. Information on installment sales in 20x1 and 20x2 is shown below: Sales Cost of sales Gross profit rate 20x1 20x2 Installment receivable - 20x2 400,000 640,000 320,000 448,000 20% 30% Installment receivable 20x1 180,000 60,000 288,000 During 20x2, THRALL Co. repossessed a property which was sold in 20x1 for P40,000. Prior to repossession, P10,000 were collected from the i resale price of the repossessed property was P34,000 after reconditioning costs of P6,000. How much is the gain or loss on repossession? THRALL SLAVE Co. uses the installment method. Information on installment sales in 20x1 and 20x2 is shown below: Sales Cost of sales Gross profit rate 20x1 20x2 Installment receivable - 20x2 400,000 640,000 320,000 448,000 20% 30% Installment receivable 20x1 180,000 60,000 288,000 During 20x2, THRALL Co. repossessed a property which was sold in 20x1 for P40,000. Prior to repossession, P10,000 were collected from the i resale price of the repossessed property was P34,000 after reconditioning costs of P6,000. How much is the gain or loss on repossession?
Expert Answer:
Answer rating: 100% (QA)
Determine the gain or loss on repossession Original selling price of the repossessed property ... View the full answer
Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
Students also viewed these accounting questions
-
The first quarter of 2008 had not yet ended and Steve Savage already knew the company would surpass the projected $22 million in revenues for the year. He and the management team had doubled sales...
-
1 Dalol Company, which began operations on January 2, Year 4, appropriately uses the installment method of accounting. The following information is available for the year ended December 31, Year 4....
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
A share of preferred stock pays a dividend of $5 per year. If the price of this preferred stock is currently $100, what is the cost of preferred stock? Fill in the blank
-
The cups and the arms of an anemometer are fabricated from a material of density . Knowing that the moment of inertia of a thin, hemispherical shell of mass m and thickness t with respect to its...
-
Who is accountable for RMA?
-
Jennifer Vera, Inc., is the only company with a distribution network for its imported goods. The company does a brisk business with specialty stores such as Neiman Marcus, Saks Fifth Avenue, and...
-
HG Lang is planning to open a new store in Miami that will be financed in part by a new bank loan of $1,500,000. HG Lang Designs operates an exclusive bridal boutique in Manhattan. All gowns are...
-
Mary Losch operates a travel agency called Mary's Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee...
-
As the volunteer business manager for the New City Band (City Band), you are responsible for preparing the operating budget for the organizations upcoming summer concert season. Each year, City Band...
-
We sometimes encounter red tape and inefficiency in a generally unresponsive and ineffective organization. One of management's goals is to achieve the opposite: an efficient and effective...
-
Doorman Sportswear's articles of incorporation authorize the company to issue 6,000 $7 preferred shares and 850,000 common shares. Doorman issued 1,200 preferred shares at $100 per share. It issued...
-
Suppose a 250. mL flask is filled with 0.60 mol of NO2 and 0.80 mol of O2. This reaction becomes possible: 2NO2(g) 2NO(g) + O2(g) Complete the table below, so that it lists the initial molarity of...
-
Give a tight asymptotic run time analysis ( notation) for the following pseudo-code snippet: L-new linked list containing the values (1, 2, ..., n) for i -1 to n do p - L.head for j 0 to i-1 do...
-
Suppose that a company decides to raise capital by selling stock. Over the next 10 years the average monthly price of the stock fluctuates according to the rule S(t) = 0.17t5-2.04t+ 65.15 where S(t)...
-
To make it easy for you to understand the task, I have shared as much details as possible of the entire work. Although I mainly require help in; Advice and recommendations section Calculations for...
-
There are three additional qualities of good writing: 1) meets the reader's expectations; 2) is clear and concise, and 3) is efficient and effective. Choose a piece of writing that you have found on...
-
What are some of the various ways to implement an awareness program?
-
Online Auction Company (OAC) provides a platform for its users to buy and sell goods. Sellers post goods for sale and other users bid on them. The high bidder wins the auction and purchases the...
-
Mickelson reports on a calendar-year basis. On January 1, 20X1, Mickelson Corporation enters into a three-year lease with annual payments of $30,000. The first payment will be due on December 31,...
-
The following cash flow information pertains to the 20X1 operations of Fishmaster, Inc., a maker of fishing equipment. Cash collections from customers $ 79,533 Cash payments to suppliers of inventory...
-
What is the IQR? What does the IQR represent? The population parameters below describe the full-time equivalent number of students (FTES) each year at Lake Tahoe Community College from 19761977...
-
How many standard deviations away from the mean is the median? The population FTES for 20052006 through 20102011 was given in an updated report. The data are reported here. The population parameters...
-
A class of 20 students has a mean grade of 80 on a test. Nineteen of the students has a mean grade between 79 and 82, inclusive. a. What is the lowest possible grade of the other student? b. What is...
Study smarter with the SolutionInn App