Kevin sold property with an adjusted basis of $58,000. The buyer assumed Kevin's existing mortgage of $40,000 and agreed to pay an additional $60,000 consisting of a cash down payment of $40,000, and payments of $4,000, plus interest, per year for the next 5 years. Kevin paid selling expenses totaling $2,000. What is Kevin's gro
Richard, age 19, is a full-time student at State College and a candidate for a bachelor's degree. During 2004, he received the following payments:
State scholarship for ten months (tuition and books): $4000
Loan from college financial
Prepare a Sources-and-uses-of-cash Statement.
?Explain what conclusions you are able to make regarding the cash position of this firm after reviewing the information you prepared.
December 31, 20X2
Cash . . . . . . . . . . . . . . . . . . . . . . . . .. . .
Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used. Information related to installment sales for 2011 and 2012 is as follows:
Mucklehoney Sports operates a mail-order running shoe business. Management is considering adopting a credit policy to expand its business from an all sales for cash. The credit policy under consideration is as follows:
Price per unit $35 $40
Calculating GrossProfit from Installment Sales
Charter Corporation, which began business in 2011, appropriately uses the installment sales method of accounting for its installment sales. The following data was obtained for sales made during 2011 and 2012:
Installment sales 362,000 345,000
C3. On January 1, 2010, Mace Co. acquired 75% of Lance Co.'s outstanding common stock. On the same date, Lance acquired an 80% interest in Curle Co. Both of these investments were acquired when book value was equal to fair value of identifiable net assets acquired. Both of these investments were accounted using the initial value
Calculate the following profitability measurments for Wal-Mart, Target, and Costco using the information found in their 2013 Annual Reports. Calculations must be written out.
Profit Margin Percentage
Return on Investment
Return on Equity
Earnings Per Share
For Nolte Company, the budgeted cost for one unit of product is direct materials $10, direct labor $20 and manufacturing overhead 90% of direct labor cost. If 25,000 units are expected to be sold at $69 each, what is the budgeted grossprofit?