How much total revenue should be recognize

Assignment Help Cost Accounting
Reference no: EM13552403

Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2012, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000. Prepare the journal entry to record this transaction on January 2, 2012. How much total revenue should be recognized on this sale in 2012?

Reference no: EM13552403

Questions Cloud

Calculate how much time is gained or lost in a year : The pendulum in a grandfather clock is made of brass and keeps perfect time at 20 degrees Celsius. How much time is gained or lost in a year
How much should tom young co. report : How much should Tom Young Co. report as income before income tax on this lease for 2008 and what amount should St. Leger Inc. report for rent expense for 2008 on this lease?
Compute the cost allocation rate for each activity : Compute the cost allocation rate for each activity and compute the indirect manufacturing cost of each motorcycle.
Find the resistivity of the wire in ohm-meters : When 130 V is applied across a wire that is 7.5 m long, the magnitude of the current density is 16,486 A/m2. Find the resistivity of the wire in ohm-meters
How much total revenue should be recognize : Prepare the journal entry to record this transaction on January 2, 2012. How much total revenue should be recognized on this sale in 2012?
Determine how far away is the train : Stan and Ollie are standing next to a train track. Stan puts his ear to the steel track to hear the train coming. How far away is the train
Transactions for data integrity company : Identify the three steps to record a transaction and perform the three steps to record the transactions for Data Integrity Company.
Estimate the total mass of the wire : The longest "string" (a thick metal wire) on a particular piano is 3.0 m long and has a tension of 400.0 N. What is the total mass of the wire
Example on periodic inventory system : Prepare the entries to record the closing of these items to Income Summary using the periodic inventory system.

Reviews

Write a Review

Cost Accounting Questions & Answers

  What interest rate could indifferent between two projects

What interest rate could company be indifferent between two projects? Which project is better if needed return is above this interest rate and why?

  What amount of interest expense is reported for 2009

What amount of interest expense is reported for 2009 and would the bond interest expense reported in 2009 would be reported if the straight-line method of amortization were

  Income statement for holtz and devine

Prepare a 2015 consolidated income statement for Holtz and Devine

  Identifying cost behavior

Identify each of these costs as fixed, variable, or mixed - Identifying cost behavior

  Determine the amounts owners equity

Determine the amounts Owners equity, as of December 31, 2009 - assuming that assets increased by $90,000 and liabilities increased by $28,000 during 2010.

  Identify the method for calculating profitability

Identify the method for calculating profitability that each manager selected, supporting your answer with appropriate calculations. Comment on the strengths and weaknesses of the methods chosen by eachmanager.

  Prepare the correcting entries at december 31

Preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the accounts.

  Advantages of a sole proprietorship and a limited liability

Describe the advantages of a sole proprietorship and a limited liability corporation - client choose an LLC or not? Explain your rationale.

  Regression equation and the high-low equation

the regression equation and the high-low equation, find the increase in revenues for each $1,000 spent on advertising within the relevant range?

  Determine the cost of the finished goods inventory

Determine the cost of the finished goods inventory of light-gauge aluminum and prepare an income statement for the current year ended December 31

  Characteristics of account for partner investments

Torres is contributing a building that cost Torres $75,000. The building's current market value is $90,000. Journalize the investment of the two partners.

  What will its average inventory level be during the year

How many units should the firm order at a time if it wants to minimize the sum of ordering and carrying costs and how many orders will it place in a year - what will its average inventory level be during the year

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!

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