Assume ID cannot estimate uncollectible accounts accurately and recognizes revenue using the installment method.
Required: Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2008 and 2009.
Correct Answer:
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Q90: Hulkster's 2009 return on shareholder's equity is:
A)17.1%.
B)14.0%.
C)12.6%.
D)7.1%.
Q92: Hulkster's 2009 asset turnover is:
A)3.73.
B)2.79.
C)2.24.
D)0.46.
Q93: Hulkster's 2009 return on assets is:
A)7.1%.
B)7.8%.
C)13.5%.
D)44.7%.
Q94: Under EITF 00-21, if the revenue for
Q96: Hulkster's 2009 inventory turnover is:
A)3.62.
B)3.96.
C)4.07.
D)6.03.
Q97: Dowling's 2009 profit margin is:
A)17.4%.
B)18.5%.
C)18.0%.
D)16.5%.$20/$115 = 17.4%
Q98: Dowling's 2009 average collection period is:
A)50 days.
B)63
Q99: Dowling's return on equity for 2009 is:
A)22%.
B)24.3%.
C)17.4%.
D)9%.ROE
Q100: Dowling's average inventory balance for 2009 is:
A)11.
B)12.
C)11.5.
D)12.5.Inventory
Q116: In the DuPont formula, return on assets
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