User Account

All Pages

The company recognizes revenue

Assignment Help Accounting Basics
Reference no: EM13869042

In 2010, the Sterling Farm Company produced 100,000 bushels of wheat at a cost of $2.00 per bushel. The company has a contract to deliver 80,000 bushels at $2.15 per bushel in 2011. Delivery costs are estimated to be $0.02 per bushel. For guaranteed price contracts, the company recognizes revenue at the completion of production; otherwise, it recognizes revenue at the time of delivery.

Required:
1. Prepare summary journal entries for 2010 and 2011.
2. At what value is the inventory of the company carried after the delivery of the 80,000 bushels? Why?

Reference no: EM13869042

Questions Cloud

Calculate the total energy expended in the acceleration : a. Calculate the total energy expended in the acceleration. b. Plot a graph of the kinetic energy of the mass against time. c. Plot a graph of the kinetic energy of the mass against distance.
What do the firms economic profits equal : If accounting profits for firms are 20% of output, and the opportunity of cost of financial capital 8% of output, then what do the firm’s economic profits equal?
The environmental issues plaguing the globe : Write a research paper on one of the environmental issues plaguing the globe. It should be atleast 8-9 papges in APA format. Provide the causes, consequences and the steps taken collectively by one or few towards combating it.
Which of the four results in the recognition : Which of the four results in the recognition of revenues and expenditures ( expenses)?
The company recognizes revenue : In 2010, the Sterling Farm Company produced 100,000 bushels of wheat at a cost of $2.00 per bushel. The company has a contract to deliver 80,000 bushels at $2.15 per bushel in 2011.
Explain the radical differences around the world : To what extent do politicians and politics affect or manipulate markets? Is it a major or minor factor? If it were a major factor, what would happen if such manipulation didn’t take place? If it were a minor factor, do you believe there is a major fa..
How it affected your perception of audience safety : Review the Rock and Roll Wall of Shame at http://www.crowdsafe.com/thewall.html. Write a one-page paper discussing how it affected your perception of audience safety at events with large crowds
Analyze emerging role of women in african american literary : How does African American literature make a significant contribution to the world? Analyze the emerging role of women in African American literary history.
What were main challenges facing washingtons administration : What were the main challenges facing Washington's administration? What was Hamilton's vision of the new republic? What was George Washington’s greatest achievement as president?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Roney companys calendar-year 2011 income statement shows

roney companys calendar-year 2011 income statement shows the following net income 422000 depreciation expense 52328

  How transaction affect the accounting equation

Gomez Service Company paid their first installment on their Notes Payable in the amount of $2,000. How will this transaction affect the accounting equation?)

  Moran owns a building he bought during year 0 for 150000 he

moran owns a building he bought during year 0 for 150000. he sold the building in year 6. during the time he held the

  A company believes it can sell 5000000 of its proposed new

a company believes it can sell 5000000 of its proposed new optical mouse at a price of 11.00 each. there will be

  At the time of the combination tester reported common stock

on january 1 20x8 ramon corporation acquired 75 percent of tester companys voting common stock for 300000. at the time

  Welch company which expects to start operations on january

welch company which expects to start operations on january 1 2011 will sell digital cameras in shopping malls. welch

  Additional share of stock were issued for cash prepare a

balance sheets at december 31assets20102009cash2464023040accounts receivable3218029400merchandise

  A company with a break-even point at 900000 in sales

a company with a break-even point at 900000 in sales revenue and had fixed costs of 225000. when actual sales were

  What is opinion concerning upstream and downstream sales

What is the purpose of a deposition at the trial phase of a company financial statement?

  Seville company manufactures a product with a unit variable

seville company manufactures a product with a unit variable cost of 42 and a unit sales price of 75. fixed

  What is the break-even point per month in sales

clydes marina has estimated that fixed costs per month are 302580 and variable cost per dollar of sales is 0.40.

  Amount of becky amt adjustment

Becky uses the 200% declining balance method for regular income tax purposes. What is the amount of Becky's AMT adjustment?

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