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What the revenue that should be recognized the period is

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Reference no: EM132585864

Question 1: The work sheet for Bridges Company shows net income of USD 40,000. The following four adjustments were ignored:

Subscriptions Fees earned, USD 1,200.

Depreciation of equipment, USD 4,000.

Depreciation of building, USD 10,000.

Salaries accrued, USD 3,000.

What is the correct net income?

Question 2: from installment sales times the gross margin percentage for the year of sale. Assume the following facts regarding the construction of a bridge:

Construction costs this period...... USD 3,000,000

Total estimated construction costs...10,000,000

Total sales price............... 15,000,000.

The revenue that should be recognized this period is:

a. USD 3,000,000.

b. USD 4,500,000.

c. USD 5,000,000.

d. USD 6,500,000.

Reference no: EM132585864

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