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On January 1 Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month period. Revis will receive $53,600 from Green at the end of each month. If total cost savings reach a specific target, Revis will receive an additional $26,800 from Green at the end of the contract, but if total cost savings fall short, Revis will refund $26,800 to Green. Revis estimates an 80% chance that cost savings will reach the target and calculates the contract price based on the expected value of future payments to be received. Required: Prepare the following journal entries for Revis: 1. to 3. Prepare the journal entry on January 31 to record the collection of cash and recognition of the first month’s revenue, assuming total cost savings exceed target, record the entry on June 30 for receipt of the bonus and assuming total cost savings fall short of target and record the entry on June 30 for payment of the penalty. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)
Manson Industries incurs unit costs of $7 ($5 variable and $2 fixed) in making an assembly part for its finished product. A supplier offers to make 18,300 of the assembly part at $6 per unit. If the offer is accepted, Manson will save all variable co..
emergency calls to winter park floridas 911 system for the past 24 weeks are as follows attached excel dataa evaluate
Calculate the break-even point in units if Candice Corporation uses the capital-intensive manufacturing method
Determine the percentage of the total variance that will be explained by the regression equation?
In 2014, Gurney Construction Company agreed to construct an apartment building at a price of $1,666,000. The information relating to the costs and billings for this contract is shown below. compute the amount of gross profit to be recognized in 2014 ..
Assume that the scarce resource for the firm is time, that is if an hour more is spent on producing one more product, there would be an hour less spent on producing another product. The company should produce: highest contribution margin or con..
What adjustment, if any, should be made to Bulky’s Federal taxable income in determining the correct taxable income for the typical state.
David files his tax return 45 days after the due dat. Along with the return, David remits a check for $40,00 which is the balance of the tax owed. Disregarding the interest element, David's total failure to file and pay penalties is:
What factors should K Company consider in determining whether to sell or keep the truck?Assume the truck is sold. Prepare the appropriate journal.entries showing sale of the truck under each depreciation method.
determine the pre determined overhead cost from the given data.winkle kotter and zale is a small law firm that contains
During the current month, a company that uses job order costing incurred a monthly factory payroll of $194,500. Of this amount, $50,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions.
Bill Graham and Larry Miller incorporated B&L Landscapes, Inc. on July 1, 2014. The business consists of lawn care and sprinkler system installations. In addition, they also sell two types of fertilizer. Prepare a flexible budget report showing the d..
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