Malinta Company sells appliances on the installment basis Below are the information for the past three...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Malinta Company sells appliances on the installment basis Below are the information for the past three years: Installment Sales Cost of installment Sales Collection On 2012 Inst. Sales 2011 Inst. Sales 2010 Inst. Sales Required 2012 750,000 c. Loss on Repossession 450,000 275,000 180,000 125,000 a Realized Gross Profit in 2012 on collections of 2012 installment sales b. Deferred Gross Profit, end on December 2012 installment sales 2011 600,000 375.000 240,000 120,000 2010 400,000 Repossessions on defaulted accounts included one made on a 2012 sale for which the unpaid balance amounted to 5,000. The FMV after incurring a reconditioning cost of 500 is 5,500 260,000 150,000 Malinta Company sells appliances on the installment basis Below are the information for the past three years: Installment Sales Cost of installment Sales Collection On 2012 Inst. Sales 2011 Inst. Sales 2010 Inst. Sales Required 2012 750,000 c. Loss on Repossession 450,000 275,000 180,000 125,000 a Realized Gross Profit in 2012 on collections of 2012 installment sales b. Deferred Gross Profit, end on December 2012 installment sales 2011 600,000 375.000 240,000 120,000 2010 400,000 Repossessions on defaulted accounts included one made on a 2012 sale for which the unpaid balance amounted to 5,000. The FMV after incurring a reconditioning cost of 500 is 5,500 260,000 150,000
Expert Answer:
Answer rating: 100% (QA)
a Calculate the realized gross profit in 2012 on collections of 2012 insta... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Installment-Sales Computation and Entries'Periodic Inventory Mantle Inc. sells merchandise for cash and also on the installment plan. Entries to record cost of goods sold are made at the end of each...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
Installment-Sales Computations and Entries Paul Dobson Stores sell appliances for cash and also on the installment plan. Entries to record cost of sales are made monthly. The accounting department...
-
An article in Sociological Methods & Research (May 2001) analyzed the data presented in the accompanying table. A sample of 262 Kansas pig farmers was classified according to their education level...
-
Electrons are accelerated by 2450 V in an electron microscope. What is the maximum possible resolution?
-
a. Describe the types of computer service organizations that may be used by an entity. b. Indicate the effects of service organizations on the auditor's consideration of the ICS.
-
Suppose Pier 1 Imports issued 100,000 shares of 50.05 par common stock at \(\$ 1\) per share. Which journal entry correctly records the issuance of this stock? a. Cash. 100.000 Common Stock 100,000...
-
"For the data in the Excel file Gasoline Prices do the following: a. Develop spreadsheet models for forecasting prices using simple moving average and simple exponential smoothing. b. Compare your...
-
3. Calculate the density of water by setting the slope equal to pAg and solving for p. Slope=pAg p = Slope/Ag
-
Use the from step b) to compute the monthly excess outperformance (or underperformance in case the number is negative) of Fund X. The formula is: RX - RVG (as a reminder Rx and Rvg are excess returns...
-
An employee has a utility function given by er+1 U(w, e) = w - Y+1' where y > 0, where w is total labor earnings and e is effort expended on the job. The output of the worker is given by y = e. The...
-
Calculate the fair price of a 120-day forward contract for Company A's stock, On the spot market, Company A's stock is traded at $67, Company A will pay a dividend of $4 per share in 100 days. The...
-
Energy balance for a closed system can be defined as: The change in the amount of energy contained within a closed system during some time interval is always equal to zero; ensfar The change in the...
-
The free cash flow to the firm is reported as $300 million. The interest expense to the firm is $45 million. If the tax rate is 35% and the net debt of the firm increased by $30 million, what is the...
-
1. The kinetic energy of a skier at a small hill (Point A) and his potential energy are 120 kJ and 450 kJ, respectively. Then the skier slides down the smooth snow-covered hill to the flat leveled...
-
A block attached to a spring of the spring constant k = 500 N/m is pulled to stretch the spring by 0.40 m from the equilibrium point. Next moment, the block is released. When the block passes the...
-
Check whether the following function defined for Xxx and yois home thetic :-_. 3.6 4 f(x,y) = xy + 3xy + 6 xy +9.. Show your work and give reasons for your answer.
-
The packaging division of a company having considered several alternative package designs for the company's new product has finally brought down their choices to two designs of which only one has to...
-
Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the...
-
For each of the following cases, indicate the filing status for the taxpayer(s) for 2012 using the following legend: A - Single B - Married, filing a joint return C - Married, filing separate returns...
-
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2012, Diane's wages are $17,100 and she receives dividend...
-
The water tank shown in Fig. 14.33 is supported by a hollow circular steel column. The tank, made of steel, is in the form of a thin-walled pressure vessel and has a capacity of 40,000 litres. Design...
-
Using the third-order Runge-Kutta method, solve Problem 11.15. Data From Problem 11.15:- Using the second-order Runge-Kutta method, solve the differential equation \(\ddot{x}+1000 x=0\) with the...
-
Linear acceleration method a. Assumes that acceleration varies linearly between \(t_{i}\) and \(t_{i}+\theta \Delta t ; \theta \geq 1\) b. Assumes that acceleration varies linearly between \(t_{i}\)...
Study smarter with the SolutionInn App