===================================================================================== ACC 421 Week 4 CPA Practice FOR MORE CLASSES VISIT www. acc421mart. com
Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.
Instructions:
Compute the realized gross profit for each of the years 2014, 2015 and 2016.
Prepare all entries required in 2016, applying the installment-sales method of accounting.( Ignore interest charges.)
===================================================================================== ACC 421 Week 4 CPA Practice FOR MORE CLASSES VISIT www. acc421mart. com
ACC 421 Week 4 CPA Practice 1. What was New England ' s cash balance at the end of the year?
2. 2-In Trey ' s December 31, 2005 Balance Sheet, what amount should be reported as total current assets?
3. Noncash financing and investing activity reported in a separate schedule.
4. 4-Which of the following transactions is included in the operating activities section of a cash flow statement prepared using the indirect method?
5. 5-Mirr, Inc. was incorporated on January 1, year 1, with proceeds from the issuance of $ 750,000 in stock and borrowed funds