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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 $56,000 from Green at the end of each month. If total cost savings reach a specific target, Revis will receive an additional $28,000 from Green at the end of the contract, but if total cost savings fall short, Revis will refund $28,000 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.)
Budget Planning and Control BUY HERE ACC 556 Week 10 Assignment 2 Budget Planning and Control Assignment 2: Budget Planning and Control Due Week 10 and worth 160 points Use the Internet and / or Strayer databases to research budget planning and contr..
Determine the total liabilities at the end of Years 2 and 1.- Determine the ratio of liabilities to stockholders' equity for Year 2 and Year 1.
assume that both x and y are well-diversified portfolios and the risk-free rate is 8.nbsp portfolio x has an expected
Gideon Company uses the allowance method of accounting for uncollectible accounts.
Equipment acquired on January 4, 2011, at a cost of $298,100, has an estimated useful life of nine years and an estimated residual value of $38,900. What was the annual amount of depreciation for the years 2011, 2012, and 2013, using the straight-lin..
Parent Company A owns both Company B and Company C. Company B sells $3,000 of inventory for a price of $10,000 to Company C in December. However, Company C does not pay until January. What are the entries in December and January for Parent Company A,..
What deposit must be made each month until the man retires so that he can make annual withdraws of $60,000 in terms of today's dollars over the next 15 years following his retirement
Using the tables above, what would be the internal rate of return of an investment of $210,600 that would generate an annual cash inflow of $50,000 for the next 5 years.
You plan to retire 33 years from now. You expect that you will live 27 years after retiring. You want to have enough money upon reaching retirement age to withdraw RM180,000 from the account at the beginning of each year you expect to live, and yet s..
Compute the unit sales price at which Blake must sell its product in the current year in order to earn a budgeted target profit of £200,000.
The Red Bud Co. pays a constant dividend of $2.50 a share. The company announced today that it will continue to do this for another 2 years after which time they will discontinue paying dividends permanently. What is one share of this stock worth tod..
Firm B produces gadgets. The price of gadgets is $2 each. Firm B has total fixed costs of $300,000 and variable costs of $1.40 per gadget. The corporate tax rate is 40%. What is the breakeven number of gadgets B must sell to make a zero after tax ..
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