Homework Answers
IN THE BOOKS OF SUPER RISE INC.
|
DATE |
PARTICULAR |
DEBIT [$] |
CREDIT [$] |
|
PART A |
|||
|
1 JAN |
Cash a/c dr To Deferred Revenue a/c [Being Cash Received] |
80,000 |
80,000 |
|
PART B |
|||
|
31 MAY |
Deferred revenue a/c dr To Service revenue a/c [Being revenue recognized] [80,000/10] |
8,000 |
8,000 |
|
31 MAY |
Bonus receivable a/c dr To Service Revenue a/c [Being bonus receivable recorded] [40000/10] |
4,000 |
4,000 |
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Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super...
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super...
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $98,000. The contract specifies that Super Rise will receive an additional $49,000 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be the...
6. Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super Rise obtains...
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9 Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2018,...
9 Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2018, maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $95,000. T specifies that Super Rise will receive an additional $47,500 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be the most likely amount it will receive....
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super...
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $85,000. The contract specifies that Super Rise will receive an additional $42,500 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be the...
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Problem 5-6 Variable consideration; change of estimate (LO5-3, 5-6 ] Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2018, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $94,000. The contract specifies that Super Rise will receive an additional $47,000 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during...
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On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 5,600 units of...
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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
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9 Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2018, maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $95,000. T specifies that Super Rise will receive an additional $47,500 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be the most likely amount it will receive....
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $85,000. The contract specifies that Super Rise will receive an additional $42,500 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be the...
Problem 5-6 Variable consideration; change of estimate (LO5-3, 5-6 ] Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2018, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $94,000. The contract specifies that Super Rise will receive an additional $47,000 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during...
On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 4,100 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $69,700, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
On January 1, 2021, LLB Industries borrowed $270.000 from trust Bank by issuing a two-year, 10% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing the fair value of its debt to increase. The agreement called...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit 12,400 Credit Accounts Cash Accounts Receivable 36,400 Inventory 153,200 Land 79,300 Buildings 132,000 $ 3,000 10,800 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock 30,900 212,000 Retained Earnings 156,600 $413,300 $413,300 Totals During January 2021, the following transactions occur: Borrow $112,000 from Captive Credit Corporation. The installment note bears interest at matures in 5 years. Payments of $2,165 are required at the...
Web Wizard, Inc., has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following selected transactions during the first quarter of 2017 a. During January, the company provided services for $40,000 on credit. b. On January 31, the company estimated bad...
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