Homework Answers
If we go by prudence concept the amount of revenue you should recognise is 620000 because according to prudence concept you should only recognise those profits which have been recieved or for which work has been done . And in this case only 620000 is recognisable
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0/1 uestion 10 of 20 "iew Policies Show Attempt History Current Attempt in Progress Cullumber...
urgent -) !! uestion 14 of 20 Fiew Policies Current Attempt in Progress In 2021. Cullumber...
urgent
-) !! uestion 14 of 20 Fiew Policies Current Attempt in Progress In 2021. Cullumber Corporation began construction work under a three-year contract. The contract price is $7400000. Cullumber uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2021, follow: $309000 Balance Sheet Accounts receivable-construction contract...
Question 9 of 9 -/ 15 View Policies Current Attempt in Progress Information concerning Ayayai Corporation's...
Question 9 of 9 -/ 15 View Policies Current Attempt in Progress Information concerning Ayayai Corporation's intangible assets is as follows. 1. On January 1, 2020, Ayayai signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $100,000. Of this amount, $20,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $20,000 each, beginning January 1, 2021. The agreement provides that the down...
Question 6 0.4/1 View Policies Show Attempt History Current Attempt in Progress The Cullumber Products Co....
Question 6 0.4/1 View Policies Show Attempt History Current Attempt in Progress The Cullumber Products Co. currently has debt with a market value of $300 million outstanding. The debt consists of 9 percent coupon bonds (semiannual coupon payments) which have a maturity of 15 years and are currently priced at $1,429.26 per bond. The firm also has an issue of 2 million preferred shares outstanding with a market price of $20 per share. The preferred shares pay an annual dividend...
Next > Question 1 0/1 View Policies Show Attempt History Current Attempt in Progress On January...
Next > Question 1 0/1 View Policies Show Attempt History Current Attempt in Progress On January 1, 2021. Buffalo Ltd. issued bonds with a maturity value of $5.40 million for $5.175.360, when the market rate of interest was 7%. The bonds have a contractual interest rate of 6% and mature on January 1, 2026. Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. On January 1, 2021. Sunland Company, a public company purchased...
Question 4 0/1 View Policies Show Attempt History Current Attempt in Progress X Your answer is...
Question 4 0/1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. At August 31, Cullumber Company has a cash balance per books of $9,700 and the following additional data from the bank statement: charge for printing Cullumber Company checks $35 and interest earned on checking account balance $40. In addition, Cullumber Company has outstanding checks of $980. Determine the adjusted cash balance per books at August 31. The adjusted cash balance per books at...
L egge 0.5/1 uestion 13 w Policies w Attempt History rrent Attempt in Progress - Your...
L egge 0.5/1 uestion 13 w Policies w Attempt History rrent Attempt in Progress - Your answer is partially correct Cullumber Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.05 million. This investment will consist of $245 million for land and $9.60 million for trucks and other equipment. The land, all trucks, and all other equipment are expected to be sold at the end of...
Question 1 of 4 < > 0/5 View Policies Show Attempt History Current Attempt in Progress...
Question 1 of 4 < > 0/5 View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. Coronado Company uses IFRS and owns property, plant and equipment with a historical cost of 5310000 euros. At December 31, 2019, the company reported a valuation reserve of 8620000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5550000 euros. The property, plant and equipment will be reported on the December 31, 2020 statement of...
Question 10 0/1 View Policies Show Attempt History Current Attempt in Progress Tamarisk Company uses a...
Question 10 0/1 View Policies Show Attempt History Current Attempt in Progress Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 230 April 15 purchase 360 $26 31 34 $5,980 11,160 13,940 $31,080 April 23 purchase _410 1,000 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory $ Cost of goods sold...
Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress 4 Your answer is...
Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress 4 Your answer is incorrect. Cullumber Corporation issues $520,000 of 9% bonds, due in 10 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. Click here to view factor tables. Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Issue...
View Policies Show Attempt History Current Attempt in Progress Nash's Steelers Inc. (MSI) is a steel...
View Policies Show Attempt History Current Attempt in Progress Nash's Steelers Inc. (MSI) is a steel manufacturing company located in Ontario. On November 1, 2018, MSI acquired land on which it constructed a facility for steel manufacturing purposes. Since its manufacturing process produces excessive waste, the government of Ontario has imposed a requirement for MSI to clean up property. As part of its agreement with the province of Ontario, MSI is allowed to operate on this site for only 15...
urgent
-) !! uestion 14 of 20 Fiew Policies Current Attempt in Progress In 2021. Cullumber Corporation began construction work under a three-year contract. The contract price is $7400000. Cullumber uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2021, follow: $309000 Balance Sheet Accounts receivable-construction contract...
Question 9 of 9 -/ 15 View Policies Current Attempt in Progress Information concerning Ayayai Corporation's intangible assets is as follows. 1. On January 1, 2020, Ayayai signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $100,000. Of this amount, $20,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $20,000 each, beginning January 1, 2021. The agreement provides that the down...
Question 6 0.4/1 View Policies Show Attempt History Current Attempt in Progress The Cullumber Products Co. currently has debt with a market value of $300 million outstanding. The debt consists of 9 percent coupon bonds (semiannual coupon payments) which have a maturity of 15 years and are currently priced at $1,429.26 per bond. The firm also has an issue of 2 million preferred shares outstanding with a market price of $20 per share. The preferred shares pay an annual dividend...
Next > Question 1 0/1 View Policies Show Attempt History Current Attempt in Progress On January 1, 2021. Buffalo Ltd. issued bonds with a maturity value of $5.40 million for $5.175.360, when the market rate of interest was 7%. The bonds have a contractual interest rate of 6% and mature on January 1, 2026. Interest on the bonds is payable semi-annually on July 1 and January 1 of each year. On January 1, 2021. Sunland Company, a public company purchased...
Question 4 0/1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. At August 31, Cullumber Company has a cash balance per books of $9,700 and the following additional data from the bank statement: charge for printing Cullumber Company checks $35 and interest earned on checking account balance $40. In addition, Cullumber Company has outstanding checks of $980. Determine the adjusted cash balance per books at August 31. The adjusted cash balance per books at...
L egge 0.5/1 uestion 13 w Policies w Attempt History rrent Attempt in Progress - Your answer is partially correct Cullumber Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.05 million. This investment will consist of $245 million for land and $9.60 million for trucks and other equipment. The land, all trucks, and all other equipment are expected to be sold at the end of...
Question 1 of 4 < > 0/5 View Policies Show Attempt History Current Attempt in Progress * Your answer is incorrect. Coronado Company uses IFRS and owns property, plant and equipment with a historical cost of 5310000 euros. At December 31, 2019, the company reported a valuation reserve of 8620000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5550000 euros. The property, plant and equipment will be reported on the December 31, 2020 statement of...
Question 10 0/1 View Policies Show Attempt History Current Attempt in Progress Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 230 April 15 purchase 360 $26 31 34 $5,980 11,160 13,940 $31,080 April 23 purchase _410 1,000 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory $ Cost of goods sold...
Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress 4 Your answer is incorrect. Cullumber Corporation issues $520,000 of 9% bonds, due in 10 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. Click here to view factor tables. Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Issue...
View Policies Show Attempt History Current Attempt in Progress Nash's Steelers Inc. (MSI) is a steel manufacturing company located in Ontario. On November 1, 2018, MSI acquired land on which it constructed a facility for steel manufacturing purposes. Since its manufacturing process produces excessive waste, the government of Ontario has imposed a requirement for MSI to clean up property. As part of its agreement with the province of Ontario, MSI is allowed to operate on this site for only 15...
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