Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Oct-2001 - Nov-2016

Category > Management Posted 15 Jun 2017 My Price 12.00

Ajax Company

Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual by CouponDropDown">inventory system is used. Information related to installment sales for 2013 and 2014 is as follows:

  2013 2014
Sales $ 370,000   $ 470,000  
Cost of sales   240,500     282,000  
Customer collections on:            
2013 sales   155,000     135,000  
2014 sales         185,000  
Required:

1.

 Calculate the amount of gross profit that would be recognized each year from installment sales.
   



2.1

Prepare all necessary journal entries for the year 2013. (If no entry is required for a particular transaction, select "No journal entry req

uired" in the first account field.)

 

 

Time remaining:1:44:18 2.

Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual by CouponDropDown">inventory system is used. Information related to installment sales for 2013 and 2014 is as follows:
  2013 2014
Sales $ 370,000   $ 470,000  
Cost of sales   240,500     282,000  
Customer collections on:            
2013 sales   155,000     135,000  
2014 sales         185,000  
Required:

1.

 Calculate the amount of gross profit that would be recognized each year from installment sales.
   

2.1

Prepare all necessary journal entries for the year 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

 

 

2.2

Prepare all necessary journal entries for the year 2014. (If no entry is required for a particular transaction, select "No journal entry req

uired" in the first account field.)

 

Assume that Ajax uses the cost recovery method to account for its installment sales.
 
3.1

Compute the following:
   

3.2

Prepare all necessary journal entries for theyear 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

 

 
   
 

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Jun 2017 07:06 AM My Price 12.00

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