During 2000, Cook, Inc. sold $20,000 of services, but the cost of providing this service was unclear at the outset of the contract. During 2000 and 2001, Cook collected $8,000 and $12,000, respectively, of its receivables. The project was completed during 2001, at which time the company had incurred total costs of $10,000. Under the cost recovery method, what are the gross profit to be reported in each of the two years

What is an example of a good stock to buy in a recession? a) cyclical stock b) defensive stock c) income stock d) bond

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)