Tracy company, a manufacturer of air conditioners, sold 200 units to thomas company on november 17, 2016. the units have a list price of $470 each, but thomas was given a 25% trade discount. the terms of the sale were 2/10, n/30december 15, 20161. record the sale of 200 units with a list price of $470, a 25% trade discount (if applicable), with terms of 2/10, n/30 under the gross method.2.record the cash collection on december 15.3.1 prepare the journal entries to record the sale on november 17 (ignore cost of goods) and collection on november 26, 2016, assuming that the net method of accounting for cash discounts is used. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)1. november 17, 2016record the sale of 200 units with a list price of $470, a 25% trade discount (if applicable), with terms of 2/10, n/30 under the net method.2. record the cash collection on november 26.prepare the journal entries to record the sale on november 17 (ignore cost of goods) and collection on december 15, 2016, assuming that the net method of accounting for cash discounts is used. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.

Gerda, a real estate agent, is selling a moderately priced house in a subdivision. she knows from her uncle that the factory being built half a mile from the subdivision will be manufacturing dog food, using a process that creates a very strong odor that permeates the surrounding neighborhood. a buyer, who is unaware of the type of factory under construction, makes an offer on one of the houses gerda is selling, and within a short time, the deal goes through. what does this scenario best illustrate?

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.