User Account

All Pages

What amount of revenue should acme recognize

Assignment Help Financial Accounting
Reference no: EM131832725

On October 1, year 1, Acme Fuel Co. sold 100,000 gallons of heating oil to Karn Co. at $3 per gallon. Fifty thousand gallons were delivered on December 15, year 1, and the remaining 50,000 gallons were delivered on January 15, year 2. Payment terms were: 50% due on October 1, year 1, 25% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should Acme recognize from this sale during year 1?

Reference no: EM131832725

Questions Cloud

What amount should regal report as unearned revenue : In its December 31, year 2 balance sheet, what amount should Regal report as unearned revenue
Produce a random starting configuration and print it : In your program, produce a random starting configuration and print it. Then keep applying the solitaire step and print the result.
What are some criticisms of the law : The January 19, 2012, edition of the Wall Street Journal contains an article by Angus Loten entitled "With New Law, Profits Take a Back Seat."
Number of persons in the group : Find, for k = 0, 1, 2, the number of persons in the group who had done of these two things: (i) exactly k, (ii) at least k, (iii) at most k.
What amount of revenue should acme recognize : the remaining 25% due on second delivery. What amount of revenue should Acme recognize from this sale during year 1
Which country would you expect to have a higher rate : Compared with its fast growth today, is China's economy likely to grow more quickly or more slowly in the future?
Hotly fought battle in a small : In a very hotly fought battle in a small war 270 men fought. Of these, 90 lost an eye, 90 lost an arm, and 90 lost a leg: 30 lost both an eye
Prepare equity section of statement of financial position : Meenen Corporation has the following accounts at December 31, 2017 (in euros): Share Capital-Ordinary, €10 par, 5,000 shares issued, €50,000.
Determine the proper amount of net income as of december : Using the information in a. through d. above, determine the proper amount of net income as of December 31, 2015.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute the profit margin ratio and return on assets

Consider the following financial information for SMJ Corporation for the year ended March 31, 2014:   Compute the current ratio. Compute the profit margin ratio. Compute Return on Assets

  Determine the sales price assuming

During 2014, Welch Manufacturing Company incurred $57,200,000 of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the entire R&D cost was recognized as an expense in 2014. Dete..

  The powerpoint presentation for activity-based costing

PowerPoint presentation / discussion: Find a current accounting article related to the weekly reading from the Wall Street Journal, the Journal of Accountancy, or a similar journal and make a 10-slide PowerPoint presentation explaining the article. T..

  What is the amount of cash used by investing activiteis

The following information is from the noncurrent asset portion of Randle Companys balance sheet. Dec. 31, 2013 Dec. 31, 2012 property, planr, and equipment $140,000 $125,000. Accumulated depreciation ($69,500) ($57,000). Long term investments $27,000..

  Calculate return on investment

Calculate return on investment(ROI) for each division using operating income as a measure of income and total assets as a measure of investment.

  Problem 1at the beginning of 20x2 dahl ltd acquired 8 of

problem 1at the beginning of 20x2 dahl ltd. acquired 8 of the outstanding common shares of tippy ltd. for 400000.nbsp

  Uses the automatic mileage method

Elijah is employed as a full time high school teacher. The school district where he works recently instituted a policy requiring all of it's teachers to start working on a master's degree. In addition, Elijah drove his personal automobile 2,200 miles..

  Prepare a cash basis income statement for the month of jan

Using the transaction data above, prepare (1) a cash-basis income statement, and (2) an accrual-basis income statement for the month of January. Using the transaction data above, prepare (1) a cash-basis balance sheet and (2) an accrual-basis balance..

  Why is it important for a forensic accountant

Why is it important for a forensic accountant to have knowledge of cost behavior patterns in providing services in a litigation support situation?

  What should be average property tax per unit

To the nearest whole cent, what should be the average property tax per unit at a sales volume of 49,700 units? (Assume that this sales volume is within the relevant range.)

  Compute the amount of swits net income and net loss

2013 Total Assets $48 Total Liabilities ($17) Net Income $31. 2012 Total Assets $28 Total Liabilities ($5) Net Income $23 Compute the amount of Swit's net income or net loss during the year ended January 2013;

  Client profilejossiah and jemima benson have recently

client profilejossiah and jemima benson have recently married and in planning their future have decided to solicit the

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