Reference no: EM132652153
Questions -
Q1. Rondoletti Associates has sold a good to a buyer and wants to recognize revenue. Which of the following is an indicator that control of a good has passed from Rondoletti to the buyer?
A. Buyer has not scheduled delivery.
B. Buyer has scheduled delivery.
C. Buyer has assumed the risk and rewards of the ownership.
D. Buyer has a strong credit history, such that bad debts are reasonably estimable.
Q2. INSTALLMENT SALES - Pearsonspecter, Inc. which began operations on January 2, 2019, appropriately uses the installment method of accounting. The following information pertains to Pearsonspecter's operations for the 2019:
Installment Sales 1,200,000
Regular Sales 800,000
Cost of installment sales 600,000
Cost of regular sales 500,000
Operating expenses 300,000
Collections on installment sales 400,000
In its December 31, 2019, what amount should Pearsonspecter, Inc. report as deferred gross profit?
A. 320,000
B. 500,000
C. 150,000
D. 400,000
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