what are so disadvantages or risk of recognizing revenue when a contract does not exist
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
what are so disadvantages or risk of recognizing revenue when a contract does not exist
show working and steps prepare journal entries for -when recognizing revenue under completed contract. -when recognizing revenue over time accodibg to percentage completion. -is there an overall loss? at the end if the year sues Example 6-3: Not cummuletive 2012 2014 950,000 Costs incurred to date Expected future costs Customer billings to date Collections to date 280,000 520,000 150,000 120,000 2013 720,000 240,000 400,000 320,000 1,000,000 940,000 The contract price is $1 million. Prepare journal entries i. when recognizing revenue...
what are the ramifications off recognizing revenues too soon? (recognizing revenue when orders are received but before they are shipped ?
what are the ramifications off recognizing revenues too soon? (recognizing revenue when orders are received but before they are shipped ?
At the beginning of 2017, Culver Construction Company changed from the completed-contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The company will continue to use the completed-contract method for tax purposes. For years prior to 2017, pretax income under the two methods was as follows: percentage-of-completion $110,500, and completed-contract $72,300. The tax rate is 30%. Prepare Culver’s 2017 journal entry to record the change in accounting principle. (Credit account titles are automatically indented when amount is...
At the beginning of 2017, Stellar Construction Company changed from the completed-contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The company will continue to use the completed-contract method for tax purposes. For years prior to 2017, pretax income under the two methods was as follows: percentage-of-completion $114,200, and completed-contract $79,400. The tax rate is 40%. Prepare Stellar’s 2017 journal entry to record the change in accounting principle. (Credit account titles are automatically indented when amount is...
What advantages and disadvantages exist for using a panel of arbitrators?
What is a precedent? Why does it exist? When might a court deviate from it? Can you cite an example of when or why a court has done so?
1) What advantages does financing with bonds provide over equity? 2) What disadvantages does financing with bonds have vs equity? 3) What is "leverage"? 4) What types of debt are available to finance a business? 5) What conditions must exist for a company to issue bonds at a "premium"?. 6) What conditions must exist for a company to issue bonds at a "discount"?
What are the advantages and disadvantages of hiring a lawyer to draft or review a contract?
1. When entering into a legally enforceable insurance contract consideration must exist. Explain what consideration is and the form it takes in insurance contracts. 2. Explain the principle of subrogation. Provide a mathematical example of its use.