Business
Business, 27.03.2020 01:45, alexismoran1495

Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured, and bad debt losses cannot be reasonably predicted. It is unlikely that repossessed merchandise is in condition to be re-sold. Therefore, Reliable uses the cost recovery method. Merchandise costing $28,500 was sold for $55,250 in 2020. Collections on this sale were $20,900 in 2020, $14,200 in 2021, and $20,150 in 2022.
In 2020, Reliable would recognize gross profit of .
In its 2020 year-end balance sheet, Reliable would report installment receivables (net) of .

answer
Answers: 2
Get

Other questions on the subject: Business

image
Business, 21.06.2019 17:10, jasonweber8718
Teller co. is planning to sell 900 boxes of ceramic tile, with production estimated at 870 boxes during may. each box of tile requires 44 pounds of clay mix and a quarter hour of direct labor. clay mix costs $0.40 per pound and employees of the company are paid $12.00 per hour. manufacturing overhead is applied at a rate of 110% of direct labor costs. teller has 3,900 pounds of clay mix in beginning inventory and wants to have 4,500 pounds in ending inventory. what is the total amount to be budgeted for manufacturing overhead for the month?
Answers: 1
image
Business, 21.06.2019 20:30, saltyclamp
Max fischer is a beekeeper. his annual group insurance costs 11,700. his employer pays 60% of the cost. how much does max pay semimonthly for it?
Answers: 1
image
Business, 22.06.2019 06:00, Bloom247
According to herman, one of the differences of managing a nonprofit versus a for-profit corporation is
Answers: 1
image
Business, 22.06.2019 07:50, sis212
Connors academy reported inventory in the 2017 year-end balance sheet, using the fifo method, as $154,000. in 2018, the company decided to change its inventory method to lifo. if the company had used the lifo method in 2017, the company estimates that ending inventory would have been in the range $130,000-$135,000. what adjustment would connors make for this change in inventory method?
Answers: 1
Do you know the correct answer?
Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sal...

Questions in other subjects:

Konu
Biology, 11.09.2021 07:50
Konu
Chemistry, 11.09.2021 07:50
Konu
Arts, 11.09.2021 07:50
Konu
Chemistry, 11.09.2021 07:50
Total solved problems on the site: 13830455