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Module 1 Problem-Solution Assignment: Problem 1 "Red Sox Company has the following sales of land and cash collections: In 2010, there was the sale of Bux Land for $3,000,000 that cost them $1,500,000. The purchase agreement required that payments be made of $1,200,000 when there are tenants on the land and the following payment of $1,200,000 be made in 2011. In 2011, there was the sale of Spokane County land for $2,700,000 which cost Red Sox $1,800,000. The payments were required were $900,000 when development started on the land and then the final payments of $600,000 in 2012 and 2013. Red Sox had cash collections of the $900,000 and a payment of $700,000 for Bux Land. Additional Facts: You will assume that Red Sox Company can estimate with ease the uncollectible accounts and then accrues the bad debts of 7% of sales and will recognize the revenue upon the transfer of title. " Requirements: 1 Prepare the journal entries to record the sales, cash collections and recognition of gross profit only if appropriate in the years 2010 and 2011. Problem 2 Alpha Great Construction was the best selection to build the Stoddard Temple for the amount of $2,500,000. The project broke ground in 2010 and was then completed in 2011. Below the cost and other data are shown below: Alpha Great Construction is using the percentage of completion method to recognize revenue: Requirements: 2 Compute the amount of gross profit recognized in 2010 and 2011
Evaluate the impact to a business when compensation, such as sales commissions and bonus, are tied to achieving budgeted expectations. Suggest how management can prevent employees from manipulating results.
On April 1, 2005, Hofiani Company purchased a one year insurance policy for $3,600. What was the journal entry which Hofiani Company made on April 1, 2005?
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2009, at a price in excess of the subsidiary's fair value. On that date, Parrett's equipment (ten-year life) had a book value of $360,000 but a fair value of $480,000.
Assuming that the enacted tax rate is 30% in both 2010 and 2011 and that krause paid 780,000 in income taxes in 2010, the amount reported as the net deferred incoem taxes on krauses balance sheet at dec 31 2010 should be:
What is the economic order quantity? Purchasing at the EOQ recommended level, what are the relevant total costs?
An entity changed from the FIFO to the LIFO cost flow assumption for inventories. Assuming that inventory and sales remain constant over time, and that prices are rising, how would the current ratio be changed as a result of converting from FIFO t..
Compute the revenue to be recognized in fiscal year 2008 for the two operating divisions of Simona Amanar Industries in accordance with generally accepted accounting principles.
Cully furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $500 and requires 100 cubic feet of storage space, and each medium shelf costs $300 and requires 90 cubic feet of storage space.
The Pearce Club, Inc., is considering investing in an exercise machine that costs $5,000 and would increase revenues by $1,500 a year for five years. Calculate the equipment's internal rate of return. Assume that the tax rate is 30 percent.
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
Compute the profit margin ratio and gross profit rate. Caltor Company's assets at the beginning of the year were $770,000 ,and were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your co..
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