Charter Corporation Finance Assingment Help With Solution

Charter Corporation Finance Assingment Help With Solution

Exercise 5-3
Charter Corporation, which began business in 2011, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2011 and 2012:
2011 2012
Installment sales $380,000 $480,000
Cost of installments sales 280,000 300,000
Cash collections on installments sales during:
2011 230,000 80,000
2012 ___ 290,000
Prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections. The company uses the perpetual inventory system.


How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention product code mentioned in end of every Q&A Page. You can also send us your details through our email id with product code in the email body. Product code is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.
Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to product code . The date is asked to provide deadline.
Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id and must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.
Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.
Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.
Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.


Features for Assignment Help

Zero Plagiarism
We believe in providing no plagiarism work to the students. All are our works are unique and we provide Free Plagiarism report too on requests.


We believe in providing perfect, relevant and 100% accurate solutions to the student as per questions asked. All our experts are perfect in providing that so as to give unique experience to the students.


Three Stage Quality Check
We are the only service providers boasting of providing original, relevant and accurate solutions. Our three stage quality process help students to get perfect solutions.



100% Confidential
All our works are kept as confidential as we respect the integrity and privacy of our clients.

Related Services

You are a new staff accountant with a large regional CPA firm, participating in your first audit. You recall from your auditing class that CPAs often use ratios to test the reasonableness of accounting numbers provided by the client. Since ratios reflect the relationship among various account balances, if it assumed that prior relationships still hold, prior years’ ratios can be used to estimate what current balances should approximate. However, Corporate brings you the list of ratios shown below and tells you these reflect the relationships maintained by Covington Pike in recent years.
Profit margin on sale = 0.05
Return on assets = 0.075
Gross profit margin= 0.4
Inventory turnover ratio = 6
Receivables turnover ratio = 25
Acid-test ratio = 0.9
Current ratio = 2
Return on shareholders equity = 0.1
Debt to equity = 0.33
Times interest earned ratio = 12 times
Jotted in the margins are the following notes:
Net incomes $ 14,000
Only one short-term note (5,000); all other current liabilities are trade accounts
Property, plant, and equipment are the only noncurrent assets
Bonds payable are the only noncurrent liabilities
The effective interest rate on short-term notes and bonds is 0.08
Cash balance totals $15,000
You are requested to approximate the current year’s balances in the form of a balance sheet and income statement to the extent the information allows.
Accompany those financial statements with the calculations you use to estimate each amount reported.



Product Code :Fin240

To get answer for this question, kindly click here (Note: Don’t forget to write the product code in comment section)

You can also email us at but please mentioned product code in the mail body while sending emails.You can browse more questions to get answer in our Q&A sections here.