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Category > Accounting Posted 05 May 2017 My Price 3.00

Kerry Corp purchased a used bottling machine

(TCO A) Kerry Corp purchased a used bottling machine from Bob's Bottling Inc. on Jan 1, 2012 for $900000. Bob accounted for the sale correctly under the installment sales method. It had a book value of $675000. Kerry paid with $300000 cash and a note for $600000 with an annual interest of 10%. Kerry agreed to make equal annual payments of $200000. Kerry Corp made their first payment on Jan 1, 2013 of $260000 which included interest of $60000 to date of payment.
As of Dec 31, 2013 Bob has deferred gross profit of ? (Points : 5)

$85,000
$100,000
$175,000
$160,000

Answers

Alpha Geek
(8)
Status NEW Posted 05 May 2017 02:05 PM My Price 3.00

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file 1493993833-Answer.docx preview (123 words )
(-----------TCO----------- A)----------- Ke-----------rry----------- Co-----------rp -----------pur-----------cha-----------sed----------- a -----------use-----------d b-----------ott-----------lin-----------g m-----------ach-----------ine----------- fr-----------om -----------Bob-----------'s -----------Bot-----------tli-----------ng -----------Inc-----------. o-----------n J-----------an -----------1, -----------201-----------2 f-----------or -----------$90-----------000-----------0. -----------Bob----------- ac-----------cou-----------nte-----------d f-----------or -----------the----------- sa-----------le -----------cor-----------rec-----------tly----------- un-----------der----------- th-----------e i-----------nst-----------all-----------men-----------t s-----------ale-----------s m-----------eth-----------od.----------- It----------- ha-----------d a----------- bo-----------ok -----------val-----------ue -----------of -----------$67-----------500-----------0. -----------Ker-----------ry -----------pai-----------d w-----------ith----------- $3-----------000-----------00 -----------cas-----------h a-----------nd -----------a n-----------ote----------- fo-----------r $-----------600-----------000----------- wi-----------th -----------an -----------ann-----------ual----------- in-----------ter-----------est----------- of----------- 10-----------%. -----------Ker-----------ry -----------agr-----------eed----------- to----------- ma-----------ke -----------equ-----------al -----------ann-----------ual----------- pa-----------yme-----------nts----------- of----------- $2-----------000-----------00.----------- Ke-----------rry----------- Co-----------rp -----------mad-----------e t-----------hei-----------r f-----------irs-----------t p-----------aym-----------ent----------- on----------- Ja-----------n 1-----------, 2-----------013----------- of----------- $2-----------600-----------00 -----------whi-----------ch -----------inc-----------lud-----------ed -----------int-----------ere-----------st
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