Big Bear Company deals in distressed properties and makes high risk sales. In 2008, the company sold for $250,000 a piece of property that cost $150,000. The cost recovery method was appropriately used. Collections on the sale were: $80,000 in 2008, $120,000 in 2009, and $50,000 in 2010.
Required: Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2008, 2009, and 2010.
Correct Answer:
Verified
Q79: How much cash remains to be collected
Q80: What is the amount of gross profit
Q81: Hulkster's 2009 average collection period is:
A)73 days.
B)104
Q82: Hulkster's 2009 receivables turnover is:
A)2.85.
B)4.70.
C)5.00.
D)10.63.
Q84: Hulkster's 2009 profit margin is:
A)17.1%.
B)13.5%.
C)7.6%.
D)4.5%.$32,500/$190,000 = 17.1%
Q85: Dowling's average total assets for 2009 is:
A)32.
B)210.
C)115.
D)194.Return
Q86: Assume ID cannot estimate uncollectible accounts accurately
Q88: Hulkster's 2009 average days in inventory is:
A)60.5
Q200: A company is effectively leveraging when:
A)The return
Q230: Assuming that the initial services to be
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