Reference no: EM133032938
Questions -
Q1. If the franchisor supplies equipment and inventories without a reasonable profit, part of the initial franchise fee, sufficient to cover the estimated costs in excess of that price is:
deferred and recognized when finally sold to the franchisee
not recognized.
deferred and recognized over the period the goods are likely to be sold to the franchisee
recognized immediately
Q2. Last year, 3K, Inc. started work on a $10,600,000 construction contract which was completed this year. It has consistently used the percentage of completion method of recognizing income. Accounting data provided last year were as follows: Debit: Progress Billings $4,300,000; Credits: Cost incurred $3,450,000 Collections $3,900,000 Estimated cost to complete $3,630,000. How much of this contract was recognized last year?
Q3. During 2009, Main Corporation, Inc. started work on a $5,200,000 fixed-price construction contract to be completed in 2 years. The accounting records disclosed the following data for the year ended December 31, 2009: Cost incurred $2,650,000 Estimated cost to complete $2,720,000 Progress billings $2,500,000 Collections $2,000,000. How much of net income or loss should have been recognized in 2009?
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