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You have a contract for $200,000. The following events occur: March 1 – the project starts March 20 – The subcontractors bill for $80,000 to the contractor Between March 1 and March 31 – 45% of the contract was completed April 10 – The subcontractor was paid $80,000 April 20 – The subcontractors billed $100,000 to the contractor Between April 1 and April 30 – 55% of the contract was completed April 30 – the project ends and the contractor billed the owner in full. May 10 – The contractor paid $100,000 to the sub-contractors. May 20 – the owner paid the contractor $200,000 Determine when revenues and expenses are recognized on the cash method?
Fill in the relevant financial activities below. March
April May Revenues $ $ $ Expenses $ $ $
A company purchased $3,800 worth of merchandise. Transportation costs were an additional $330. The company later returned $260 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is..
Jayhawk Company reports current E&P of $502,500 and accumulated E&P of negative $350,000. Jayhawk distributed $592,500 to its sole shareholder, Christine Rock, on the last day of the year. Christine’s tax basis in her Jayhawk stock is $65,250. What i..
Carrick Co. reported net income of $500,000 for 20x1. The company had 120,000 shares of $1 par common stock outstanding for the entire year. They also had 10,000 shares of 5%, $100 par preferred stock outstanding the entire year. Each share of prefer..
Explain three methods under absorption costing that managers can use to improve operating income?
Matt Perry, Inc. had outstanding $6,134,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,010,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 99. Unamortized bond discount and iss..
Which of the following is a distinguishing characteristic of a deferral? As supplies and PPE assets on the balance sheet are consumed, they are reflected: Which of the following does not affect stockholders' equity?
When a Statement on Auditing Standards uses the word "should" relating to a requirement, it means that the auditor:
Bunyan Lumber, LLC, harvests timber and delivers logs to timber mills for sale. The company was founded 70 years ago by Pete Bunyan. The current CEO is Paula Bunyan, the granddaughter of the founder. The table here shows the current price per MBF for..
On March 1, 2011, Sillicon Company sold its 5-year, $1,000 face value, 9% bonds dated March 1, 2011 at an effective annual interest rate (yield) of 11%. Interest is payable semi annually, and the first interest payment date is September 1, 2011. How ..
then 200 for $7 and finally 150 units for $8. at the end of the month 180 remained. Calculate the amount of phantom profit that would result if the companyused FIFO rather than LIFO periodic method
Complete the below table to calculate the price of a $2.0 million bond issue under each of the following independent assumptions (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided..
Sunshine Company acquired equipment on January 1, 2015, for $40,000. Sunshine elects to value this class of equipment using revaluation accounting as permitted by International Financial Reporting Standard. This equipment is being depreciated on a st..
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