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Recognition of Revenue-Theory the earning of revenue by a business enterprise is recognized for accounting purposes when the transaction is recorded. In some situations, revenue is recognized approximately as it is earned in the economic sense. In other situations, however, accountants have developed guidelines for recognizing revenue by other criteria, such as at the point of sale. (Ignore income taxes.)
(a) Explain and justify why revenue is often recognized as earned at time of sale.
(b) Explain in what situations it would be appropriate to recognize revenue as the productive activity takes place.
(c) At what times, other than those included in (a) and (b) above, may it be appropriate to recognize revenue? Explain.
Under the modified accrual basis of accounting, revenues are recognized in the period:
(a) Prepare the journal entry to record depreciation expense for the equipment in 2012. (b) Prepare the journal entry to record depreciation expense for the building in 2012.
Refer to Polaris financial statements in Appendix A to answer the following.
A company paid $37,800 plus a broker's fee of $525 to acquire 8% bonds with a $40,000 maturity value. The company intends to hold the bonds to maturity. The cash proceeds the company will receive when the bonds mature equal:
Would the use of accelerated depreciation in the financial statements be more conservative or less conservative than the current practice of using the straight-line method? Explain.
Rollins has the capacity to publish a total of 20000 books. Which books should be selected, and how many of each should be published?
nicole organized a new corporation. the corporation began business on april 1 of year 1. she made the following
exercise 16-2 determining the present value of a lump-sum future cash receipt stan sweeney turned 20 years old today.
During February, before the financial statements are issued, new information indicates the loss is probable. What accounting treatment is warranted?
bellfont company produces door stoppers. august production costs are belowdoor stoppers
Prepare a multiple-step income statement. Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings/results.
Prepare the journal entry to recognize the income tax benefit of the operating loss. Wynn elects the carry back option.
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