Contract to build custom equipment

Assignment Help Financial Accounting

Reference no: EM13754433

On January 15, 2014, Bella Vista Company enters into a contract to build custom equipment for ABC Carpet Company. The contract specified a delivery date of March 1. The equipment was not delivered until March 31. The contract required full payment of $75,000 30 days after delivery. This contract should be

recorded on April 30, 2014.

recorded on March 31, 2014.

recorded on January 15, 2014.

recorded on March 1, 2014.

Reference no: EM13754433

Questions Cloud

Evaluating audit results for assets in the audit : You are evaluating audit results for assets in the audit of Roberts Manufacturing. You set the preliminary judgment about materiality at $50,000. The account balances, tolerable misstatement, and estimated overstatements in the accounts are shown nex..

When multiple performance obligations exists in a contract : When multiple performance obligations exists in a contract, they should be accounted for as a single performance obligation when

Account for a contract modification as a new contract : A company must account for a contract modification as a new contract if

How big is the risk for kfc to enter the african market : How big is the risk for KFC to enter the African Market? What can go wrong? What would be your major concerns be when asked to find financing in the African market?

Contract to build custom equipment : On January 15, 2014, Bella Vista Company enters into a contract to build custom equipment for ABC Carpet Company. The contract specified a delivery date of March 1. The equipment was not delivered until March 31.

What is comparable yield on a taxable bond : An investor is in the 28 percent income tax bracket and earn 3.3 percent on a non-taxable bond. What is comparable yield on a taxable bond? If the same investor can earn 5.9 percent on a taxable bond what must be the yield on a non-taxable bond so th..

Basic idea underlying responsibility accounting : The basic idea underlying responsibility accounting is that each manager should be held responsible for the overall profit of the company to ensure that all managers are acting together. In a merchandising company, the required merchandise purchases ..

Cash dividend on its common shares : Superior Company owns 40% of the outstanding stock of Bernard Company. During 2013, Bernard paid a $100,000 cash dividend on its common shares. What effect did this dividend have on Superior’s 2013 financial statements?

Total budgeted cash collections : Seventy percent of Parle Corporation's sales are collected in the month of sale, 25% in the month following sale, and 5% in the second month following sale. The following are budgeted sales data for the company:

User Account

All Pages