philips sales company had the followjng balances jn irs accounts on january 1 2014 ...
50.1K
Verified Solution
Link Copied!
Question
Accounting
philips sales company had the followjng balances jn irs accounts on january 1 2014 
Phillips Sales Company had the following balances in its accounts on January 1, 2014 Cash Merchandise Inventory Land Common Stock Retained Earnings $65,000 45,000 105,000 85,000 130,000 Phillips experienced the following events during 2014. 1. Sold merchandise inventory that cost $36,000 for $76,500. 2. Sold land that cost $42,000 for $78,800. Required a. Determine the amount of gross margin recognized by Phillips. Gross margin b. Determine the amount of the gain on the sale of land recognized by Phillips. Gain on sale of land
philips sales company had the followjng balances jn irs accounts on january 1 2014
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.