What amount of revenue should acme recognize

Assignment Help Accounting Basics
Reference no: EM132805966

Problem 1: On October 1, 20x3, 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, 20x3, and the remaining 50,000 gallons were delivered on January 15, 20x4. Payment terms were: 50% due on October 1, 20x3, 25% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should Acme recognize from this sale during 20x3?

Option 1: 150,000
Option 2: 225,000
Option 3: 75,000
Option 4: 300,000

Reference no: EM132805966

Questions Cloud

How much is the total sales for PRENTICE A LEARNER Co : Operating expenses for the year is 15% of sales and 25% of cost of sales. Other expenses were 10% of sales. How much is the total sales?
Compute the cost of inventory on hand at December : Compute the cost of inventory on hand at December 31, 2019, based on the conventional retail method
How much is the profit for the year : Interest expense is 5% of sales.- Income tax rate is 30%. There were no temporary differences during the year. How much is the profit for the year?
How much is the total current liabilities : The ledger of INFIRM SICK Co., INFIRM failed to pay the 3rd and 4th quarterly interests on the note during 20x1. How much is the total current liabilities?
What amount of revenue should acme recognize : 25% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should Acme recognize from this sale during 20x3?
What is total variance in the actual cost and static budget : The framing division worked 7,500 direct labor hours during the year at a total cost of $93,750. What is total variance in the actual cost and static budget
How much sales revenue is recognized for discalced barefoote : How much sales revenue is recognized? DISCALCED estimates the stand-alone selling price of each point at ?4.00. During the period, DISCALCED made total sales
What amount should rill report as royalty revenue : June 1, 20x3 - November 30, 20x3 325,000 December 1, 20x3 - December 31, 20x3 70,000 What amount should Rill report as royalty revenue for 20x3?
MOD004453 Leadership and Change Assignment : MOD004453 Leadership and Change Assignment Help and Solution, Anglia Ruskin University - Assessment Writing Service

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the price and efficiency variances for direct materi

Compute the price and efficiency variances for direct materials and direct labor. Does the pattern of variances suggest All-Star Fender's managers have been making trade-offs? Explain.

  Consider that under international financial reporting

1. should preferred stock be recognized as a liability as a liabiity or should it be considered equity? defend your

  During the month 2 sheets of paper are purchased 3 sheets

you are the accountant for sakuraba who is very angry. figure out his books for him or he might have to beat you.

  What would be the lump-sum payment

Jose wants to cash in his winning lottery ticket. He can either receive three, $7,000 annual payments starting today, What would be the lump-sum payment

  How does record in bookkeeping

Amy has offered to convert an accounts payable obligation to a Note. How does she record this in her Bookkeeping? What is the gross payroll accrued through 5/31

  Present value index for investment

In addition to the foregoing information, use the following data in determining the acceptability in this situation: The present value index for this investment is:

  What amount of the proceeds from the issuance accounted

What amount, if any, of the proceeds from the issuance should be accounted for as part of Gordon's stockholders' equity

  Discuss what is jeris gain basis for the stock

the stock was worth $60,000. If Megan paid $540 of gift tax on the transaction in 1975, what is Jeri's gain basis for the stock

  Prepare the journal entry to record interest on february

Prepare the journal entry to record the issuance of the bonds by Stratford Lighting on March 1, 2011.

  Define relation in-procurement and accounting process

Describe the relation between procurement process and accounting process and now they are integrated: and explain bow procurement process have an impact.

  Describe and illustrate the decomposition of roi and roe

Define, describe and illustrate the decomposition of ROI and ROE. Form numerical illustrations to clarify your discussion.Extend the basic analysis

  Find the accounts receivable may also be called trade

find the accounts receivable may also be called trade receivables for wal-mart. how much is the net amount? this is 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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd