ACT 6692 Mod 09 Assignment

ACT 6692 Mod 09 Assignment - ACT 6692 Situation Tab Module...

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ACT 6692 Module 9 – Assignment (Simulation) Situation Tab Kestle Corp. engaged in the following transactions during 2007: o In 2007, Kestle made an installment sale to Linton Corp. for $500,000. The gross profit on the sale was 30%. However, the collectibility of the sale is not reasonably assured. In 2007, Kestle collected $200,000 on the sale. The company hopes to collect the remaining balance over the next two years. o Kestle paid $7,200 for a 24-month insurance policy on September 1, 2007. The entry was recorded in a balance sheet account. o Kestle has 300 employees in its production facility. The employees work Monday through Friday, eight hours per day, and are paid biweekly. Each employee earns $12 per hour. December 31 is on a Friday, but the employees' biweekly pay date ends on Friday, January 7, 2008. o On April 1, 2007, Kestle borrowed $40,000 by signing a 3-year interest-bearing note. The interest rate was 6%. Both the interest and the note are due at maturity.
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ACT 6692 Mod 09 Assignment - ACT 6692 Situation Tab Module...

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