How much revenue will apache recognize for the sale

Assignment Help Accounting Basics
Reference no: EM131624890

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?

Reference no: EM131624890

Questions Cloud

Competitive advantage for payday loans : Q1. Competitive strategy, goals for payday loans (in Australia). Q2. Competitive advantage for payday loans (in Australia).
What parts of planet earth might each of these jars mimic : How long did it take for moisture to accumulate on the inside of any of the jars, and which one was first?
Global financial crisis : In Inside Job, how do investment banks such as Goldman Sachs defend their actions? Who or what do you believe is most responsible for the 2008 global financial
How the author of the silent songbird drew elements : Write a paragraph explaining how the author of the Silent Songbird drew elements of the Rainbow Crow to write a modern story.
How much revenue will apache recognize for the sale : On July 1, 2016, Apache Company, a real estate developer, How much revenue will Apache recognize for the sale (ignoring interest)
What is the monthly repayment : a) What is the monthly repayment for a 25-years loan. b) How much interest is paid over 25 years.
What benefits might be gained from having a cpa firm : Impact of Changing Rules. Many companies outsource their internal audit function to CPA firms.
Investigate the financial innovations : The author wants to investigate the financial innovations that are produced in Conventional and Islamic banking to know which banking
Write a research paper about how does marijuana affect you : Write a research paper about How does marijuana affect you? Find three different resources and write a short paragraph summary for each in a different page.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What type of an asset is goodwill

Find the heading Goodwill. What type of an asset is goodwill? Does Amazon write off this asset? Explain what the company does.

  Translate acceletron financial statements into us dollars

Redline Products, Inc. is a US-based multinational with subsidiaries around the world. One such subsidiary, Acceletron, operates in Singapore.

  Another manufacturer has offered to supply speed quest with

speed quest inc. manufactures speed boats. currently the company manufactures its own engine for the boats at the

  What is the accounting principle underlying the

what is the accounting principle underlying the recognition of an estimated liability for warranties in the period of

  Charles royston was checking the year-end blances for his

charles royston was checking the year-end blances for his wood furniture manufacturing amp business amp was concerned

  Assume the total effective tax rate on all items is

the following balances were taken from the books of parnevik corp. on december 31 2012.interest revenue 88800

  Shanken corp issued a 30-year 12 percent semiannual bond 8

shanken corp. issued a 30-year 12 percent semiannual bond 8 years ago. the bond currently sells for 106 percent of its

  Bevil industries is planning on purchasing a new piece of

nbspthe companys contributbevil industries is planning on purchasing a new piece of equipment that will increase the

  Journalize the final distribution of cash to the partners

Journalize the final distribution of cash to the partners.

  How much interest expense was accrued on december

If Jupiter Company only adjusts its accounts once a year at year-end, how much interest expense was accrued on December 31, 2016

  What is the basic assumption underlying the percentage of

chang constructions entered into a fixed-price contract withtravels hotels on 1 jan 1993 to construct a 4-storey

  What is the companys quick ratio possible answers 07 12 15

what is the companys quick ratio? possible answers 0.7 1.2 1.5 2.5. assets cash is 4000 accounts receivable is-10150

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