User Account

All Pages

Determine the amount of liability at december

Assignment Help Financial Accounting
Reference no: EM132888779

Problem 1: Determine the amount of liability at December 31, 2016 for each of the following independent cases:

Knicks Company requires nonrefundable advance payments with special orders from customers for machinery constructed to their specifications.

Information for 2016 follows:

Customers advances, 12/31/15 P 500,000

Advances received with orders in 2016 840,000

Advances applied to orders shipped in 2016 600,000

Advances applicable to orders canceled in 2016 190,000

Reference no: EM132888779

Questions Cloud

Acquiring ailing printing companies : Quebecor Printing is a commercial printing company that is expanding, acquiring ailing printing companies, and moving into international markets
What was the adjusted bank statement balance : What was the adjusted bank statement balance? The bookkeeper recorded a $1800 cheque as $17,100 in payment of the current month's rent.
Determine the proceeds that the company will receive : Determine the proceeds that the company will receive if it sells (1) the bonds to yield 12% (2) the bonds to yield 10%
How does each method ensure valid and accurate data : Determine the sources of data that the team will need to use to gather the necessary types of data. Be sure to justify why these sources are most appropriate
Determine the amount of liability at december : Determine the amount of liability at December 31, 2016. Knicks Company requires nonrefundable advance payments with special orders from customers for machinery
What is the warranty provision for kings company : What the warranty provision for 2016 is? Kings Company gives warranties at the time of sale. Sales of P20,000.000 were made evenly
Franchising is important part of us economy : Franchising is an important part of the U.S. economy. Briefly explain its importance, define franchising, and identify the three basic types of franchises.
What if only half of the customers take the offered credit : If the required return is 2% per period, is the change a good idea? What if only half of the customers take the offered credit? Justify.
Record the journal entry for interest expense for the year : Assuming that an 8% interest rate is applicable, record the journal entry for interest expense for the year ended December 31, 2019

Reviews

Write a Review

Financial Accounting Questions & Answers

  Purpose of financial statements and cash budget

Purpose of financial statements and cash budget and Prepare a balance sheet, income statement, and cash budget for the month of September. Hint: Your ending cash balance will be $25,000

  Gain on bargain purchase may arise in business combination

On 31 December 2015, Ham Ltd (H) purchased 680,000 shares from the existing shareholders of Safe Limited (S). S has a total number of issued shares of 800,000 shares. The purchase consideration was $2,500,000. Discuss why goodwill/gain on bargain pur..

  Find what the cash distribution to partners would be

Find what The cash distribution to partners would be? The total liabilities of the partnership amount to ?150,000, and all assets available are non-cash assets

  Should preferred stock be treated like equity

When calculating a company's cost of capital, you find that the company has Preferred Stock. Should Preferred Stock be treated like equity (no tax effect)

  Compute diluted eps

Compute diluted EPS. A company has $13,248,788 of net income during the year and 898,752 common shares issued, 68,175 of which are treasury shares

  At that reserve price what is the expected profit

What is the best reserve price?- At that reserve price, what is the expected profit? - At that reserve price, what is the standard deviation of profit?

  Compute the theoretical value of share ex-right

Compute the theoretical value of share ex-right. compute the adjustment factor. compute the basic earnings per share for 2019 and 2020.

  Provide the entries on january

Provide the entries on January 1, 20x5 and December 31, 20x5. ABC Co. acquired a machine for 1,000,000 on January 1, 20x1

  What is the expected return for each of the two portfolios

What is the expected return for each asset over the 3-year period? What is the expected return for each of the two portfolios? Which portfolio do you recommend?

  About the transactions

Here are selected 2012 transactions of Eghan Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $62,000 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was pu..

  What non-quantitative observations can

What non-quantitative observations can? Explain the difference between a yield that is based on cost, as opposed to one that is based on current market value.

  What are the journal entries to record the sales

Carolina Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $78,000 of cash sales that are subject to a 6% sales tax and a gross margin percentage of 40%, what are the journal entries to record th..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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