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Question - Cullumber Company sells goods that cost $335,000 to Bramble Company for $435,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $44,500. The fair value of the goods is $400,500. The goods were delivered on March 1, 2020. Installation is considered a separate performance obligation and was completed on June 18, 2020. Under the terms of the contract, Bramble Company pays Cullumber $275,000 upon delivery of the goods and the balance at the completion of the installation.
Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Cullumber. Assume IFRS is followed.
Determine the fixed manufacturing overhead rate under absorption costing. Hint: I am asking for the predetermined overhead rate per unit.
At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold..
which of the following is considered to be cash flow from operating activites? cash paid to suppliers cash paid for
Singing Fish Fine Foods has a current annual cash dividend policy of ?$3.00. The price of the stock is set to yield a return of 10 %. What is the price
1.In the situation described in BE 15-17, assume the asset being leased cost the lessor $125,000 to produce and its fair value is $150,000.
On January 1, 2020, Skyline Co. paid $200,000 for a 40% interest in Allen Industries. What is the amount of goodwill? What is Equity Income for 2020
Thomas Corporation is evaluating whether to lease or purchase equipment. Its tax rate is 30 percent. Calculate the cost of leasing the equipment
Your client has just purchased a business for $200,000 and made a cash payment for 20% of the purchase price. What is effective annual interest rate
The accountant for the Orion Sales Company is preparing the income statement for 2007 and the balance sheet at December 31, 2007. Orion uses the periodic inventory system. The January 1, 2007 merchandise inventory balance will appear:
On February 1, Excel Corporation issued 37,500 Common Shares for $252,440 cash. Present the entries to record these transactions
the accounting manager has informed you that the cash reconciliation is showing an un-reconciled difference to the bank
Maulder Company provides the following information for the month ended October 31, 2010: Sales on credit $280,000, cash sales $100,000, sales discounts $13,000, sales returns and allowances $11,000.
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