User Account

All Pages

The company recognizes revenue

Assignment Help Accounting Basics
Reference no: EM13869042

In 2010, the Sterling Farm Company produced 100,000 bushels of wheat at a cost of $2.00 per bushel. The company has a contract to deliver 80,000 bushels at $2.15 per bushel in 2011. Delivery costs are estimated to be $0.02 per bushel. For guaranteed price contracts, the company recognizes revenue at the completion of production; otherwise, it recognizes revenue at the time of delivery.

Required:
1. Prepare summary journal entries for 2010 and 2011.
2. At what value is the inventory of the company carried after the delivery of the 80,000 bushels? Why?

Reference no: EM13869042

Questions Cloud

Calculate the total energy expended in the acceleration : a. Calculate the total energy expended in the acceleration. b. Plot a graph of the kinetic energy of the mass against time. c. Plot a graph of the kinetic energy of the mass against distance.
What do the firms economic profits equal : If accounting profits for firms are 20% of output, and the opportunity of cost of financial capital 8% of output, then what do the firm’s economic profits equal?
The environmental issues plaguing the globe : Write a research paper on one of the environmental issues plaguing the globe. It should be atleast 8-9 papges in APA format. Provide the causes, consequences and the steps taken collectively by one or few towards combating it.
Which of the four results in the recognition : Which of the four results in the recognition of revenues and expenditures ( expenses)?
The company recognizes revenue : In 2010, the Sterling Farm Company produced 100,000 bushels of wheat at a cost of $2.00 per bushel. The company has a contract to deliver 80,000 bushels at $2.15 per bushel in 2011.
Explain the radical differences around the world : To what extent do politicians and politics affect or manipulate markets? Is it a major or minor factor? If it were a major factor, what would happen if such manipulation didn’t take place? If it were a minor factor, do you believe there is a major fa..
How it affected your perception of audience safety : Review the Rock and Roll Wall of Shame at http://www.crowdsafe.com/thewall.html. Write a one-page paper discussing how it affected your perception of audience safety at events with large crowds
Analyze emerging role of women in african american literary : How does African American literature make a significant contribution to the world? Analyze the emerging role of women in African American literary history.
What were main challenges facing washingtons administration : What were the main challenges facing Washington's administration? What was Hamilton's vision of the new republic? What was George Washington’s greatest achievement as president?

Reviews

Write a Review

Accounting Basics Questions & Answers

  A department adds materials at the beginning of the process

a department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the

  Adjustment made to cost of goods sold

At December 31, balances in Overhead are as follows: Lott Company-debit $1,500, Perez Company-credit $900. Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold.

  Identifiable assets acquired over liabilities

In a business combination in which the total fair value of the identifiable assets acquired over liabilities assumed is greater than the consideration paid, the excess fair value is:

  Domestic holocaust at hands of khmer rouge

The country which suffered a domestic holocaust at the hands of the Khmer Rouge is

  A small business owner has decided to invest 50000 per year

a small business owner has decided to invest 50000 per year in the stock market for her retirement. she is consider the

  Should the corporation make or buy the bindings

Should the Corporation make or buy the bindings and show calculations to support answer.

  A company is considering investing in a project that is

a company is considering investing in a project that is expected to return 350000 four years from now. how much is the

  Discuss the reasons why corporations invest in securities

discuss the reasons why corporations invest in securities. discuss how the market would be affected if they stopped

  Journal entries and trial balance for cookie creations

In November 2006 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering cooking classes. The following events occur. Pre..

  What are the steps used in lean production

What are the steps used in lean production which reduces inventories, decreases defects, reduces wastes, and shortens customer response times.

  Corporation after the property distribution problem

In addition, the corporation incurred a Federal income tax liability of $112,000, paid life insurance premiums of $3,500, and received term life insurance proceeds of $55,000 on the death of an officer. a. What is Peter's taxable income? b. What i..

  The seawall corporation uses an injection molding machine

the seawall corporation uses an injection molding machine to make a plastic product z39 after receiving firm orders

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd