1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Leto [7]
3 years ago
5

On December 15, 2021, Rigsby Sales Co. sold a tract of land that cost $3,500,000 for $5,000,000. Rigsby appropriately uses the i

nstallment sales method of accounting for this transaction. Terms called for a down payment of $450,000 with the balance in two equal annual installments payable on December 15, 2022, and December 15, 2023. Ignore interest charges. Rigsby has a December 31 year-end. In 2022, Rigsby would recognize realized gross profit of:
Business
1 answer:
qaws [65]3 years ago
8 0

Answer:

In 2022, Rigs-by gross profit=$682,500

Explanation:

Profit=Price at which land is sold- Actual price of land

Profit=$5,000,000- $3,500,000

Profit=$1,500,000

Gross Profit=Profit/Price at which land is sold

Gross Profit=$1,500,000/$5,000,000

Gross Profit=0.3=30%

In 2022, Rigs-by gross profit=Gross\ Profit*\frac{Price\ at\ which\ land\ is\ sold\ -\ down\ payment }{2}

In 2022, Rigs-by gross profit=0.3*\frac{\$5,000,000-\$450,000}{2}

In 2022, Rigs-by gross profit=$682,500

You might be interested in
Which of the following statements are TRUE about credit scores?
Andreas93 [3]
I agree with the person above - the correct answer as to which statements are true about credit scores is C. both A and B, which means that c<span>redit scores indeed do reflect how likely individuals are to repay their debts and o</span><span>nly the credit bureaus know exactly how credit scores are calculated.</span>
3 0
3 years ago
Read 2 more answers
Russell was determined to make a big change in the thought process behind police officer roles in communities. What were some of
harkovskaia [24]

Explanation:

Area = Area of sides + area of semicircle thing

= (2*0.21*0.31) + (2*0.31*0.61) + (0.21*0.61) + ( 3.14*0.105*0.61) + (3.14*0.105*0.105) = 0.872 m^2

Total area = 0.872 *1106 =964.43 m^2

Answer =965 m^2

8 0
3 years ago
Write in detail about the programmes of the institute of agriculture and animal science​
vodka [1.7K]

Answer:

The mission of the institute is to promote agricultural science and to train manpower for agricultural development focusing on teaching, research and extension.

Explanation:

4 0
1 year ago
Which of the following is contracting of noncore operations or jobs from internal production within a business to an external en
AURORKA [14]

Answer:

Option A

Explanation:

The correct answer is Option A

Outsourcing is the process of hiring the party from outside to perform certain services and goods which is not being produced by the in house company.

Outsourcing activity includes supply chain management, resource management, customer support, finance, marketing, etc.

So, Contracting noncore operations job is to an external entity is known as Outsourcing.

8 0
3 years ago
First National Bank of America has more than 75% of its assets in first residential fixed-rate mortgages that mature in more tha
iris [78.8K]

Answer:

2. Interest income will drop by less than $3 million for a sudden 1% drop in market interest rates

Explanation:

Since in the question it is mentioned that there is decrease in 2021 interest income of $3 million in the case when there is a sudden decline of 1% in the rate of interest of the market this is due to the convexity of the curve as the GAP analysis and assume straight line

So the option 2 is correct

7 0
3 years ago
Other questions:
  • George is ready to launch a designer tie collection under his own brand name. He now has to decide the right market price for hi
    11·1 answer
  • A __________ bond gives the issuer an option to retire the bond before maturity at a specific price after a specific date.
    13·1 answer
  • True or false. the consumer sector is the largest part of the macroeconomy.
    5·1 answer
  • Laura Bryant joined Kellogg's straight after university in 2002. She joined the Field Sales team initially. This involved visiti
    15·1 answer
  • True or False<br><br> To start a corporation, you need to have a partnership agreement.
    8·1 answer
  • If you had $1,000 to invest into the following funds, which one would have the highest value (not including any fees) at the end
    6·1 answer
  • How does advertising affect demand? ( with example )
    12·1 answer
  • Nice Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Selli
    10·1 answer
  • what are the documents required by department of trade and industry when registering for a private company
    13·1 answer
  • Unattainable level of production Efficient use of inputs in production Attainable but Inefficient use of inputs in production ba
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!