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Question - Revenue recognition at a point in time
On July 1, 2016, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The book value of the land on Apache's books was $1,200,000. Terms of the sale required a down payment of $150,000 and 19 annual payments of $150,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2017. How much revenue will Apache recognize for the sale (ignoring interest), assuming that it recognizes revenue at the point in time at which it transfers the land to the construction company?
uring the month of March, Olinger Company's employees earned wages of $62,600. Withholdings related to these wages were $4,789 for Social Security (FICA), $7,336 for federal income tax, $3,032 for state income tax, and $391 for union dues. Prepare..
discuss with your team dq 4 in your lt forum and submit the final lt response by saturday under this thread. responses
hn inc. produces and sells 40000 units of a single product eye drops. variable costs total 80000 and fixed costs total
Why do auditors have to consider the internal controls of the organization? What are some key elements of internal control? Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed ina..
Tyson Chandler Company purchased equipment for $10,000. Sales tax on the purchase was $500. Other costs incurred were freight charges of $200, repairs of $350 for damage during installation, and installation costs of $225. What is the cost of the ..
Determine the contribution margin in dollars per unit and as a ratio. Using the contribution margin technique, compute the break-even point in kdollars and in units.
Explain how the $200 recovery of receivables affected the accounting equation.
Which one of the following should not (would not) be used instead of "Advances from Customers?"?
an investor sells short 200 shares of stock at 15 per share. the initial margin requirement is 60. the investor earns
Preparing a budget and analyzing the results of operations in relation to the budget will help you understand how to use financial information to evaluate the effectiveness of an organization's operations. The process will also help you determine ..
The Southwest Division of Texcaliber Inc. uses absorption costing for profit reporting. The general manager of the Southwest Division is concerned about meeting the income objectives of the division. At the beginning of the reporting period, the d..
Correct Intangible Asset Account Reichenbach Co., organized in 2009, has set up a single account for all intangible assets.
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