Homework Answers
1. 15th may 2020
2. 30th may 2020
3. 15th of Each Month after 15th may 2020
4. 1st april 2020
5. 1st april 2020
6. 1st march 2020 and every month till 1st march 2021
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Chapter 15: Revenue Exercise 15.10 Revenue recognition - rendering of services In each of the following...
ach of the following situations, state at which date, if any, revenue will be recognised. A contract for the sale of goods is entered into on 1 May 2019. The goods are delivered on 15 May 2019. The b...
ach of the following situations, state at which date, if any, revenue will be recognised. A contract for the sale of goods is entered into on 1 May 2019. The goods are delivered on 15 May 2019. The buyer pays for the goods on 30 May 2019. The contract contains a clause that entitles the buyer to rescind the purchase at any time. This is in addition to normal warranty conditions. A contract for the sale of goods is entered...
nce obligation(s) would ho egb 0 nitie AP4-2A (Revenue recognition) TreeHold Corp. designs and builds custom...
nce obligation(s) would ho egb 0 nitie AP4-2A (Revenue recognition) TreeHold Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May 31 year end. On February 18, 2020, TreeHold signed a contract with Coastal Harvesting Ltd, to design and build 25 custom harvesters that can harvest wood at the steep grades found along much of the Pacific coast timber stands included in Coastal's harvesting leases. The following events took...
Cullumber Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services...
Cullumber Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related to the following independent revenue arrangements for Cullumber products and services. Click here to view factor table. Cullumber offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $737. On a standalone basis, the grill sells for $637...
1.Which of the following statements is true regarding the new ASC Topic 606 for revenue recognition?...
1.Which of the following statements is true regarding the new ASC Topic 606 for revenue recognition? Multiple Choice The focus is on when the firm has earned the consideration to which it is entitled. Early adoption is not allowed. The new rules are more rules-based than principle-oriented. Under IFRS, both public and non-public firms must adopt by 2018 2.Assuming the requirements for recognizing revenue over time are met, the measure of completion is computed by dividing Multiple Choice profits earned...
Exercise 5-18 Long-term contract; revenue recognition over time vs. upon project completion [LO5-9] On June 15,...
Exercise 5-18 Long-term contract; revenue recognition over time vs. upon project completion [LO5-9] On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.С., for $270 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 2019 2020 $ 50 $100 60...
Normal Balances of Accounts Identity each of the following accounts of Dispatch Services Co. as asset,...
Normal Balances of Accounts Identity each of the following accounts of Dispatch Services Co. as asset, ability owner's equites revenue Type of Account Liability Debitor Credit Credit Expense X Debit a Accounts Payable Accounts Recenoble a Ashley Ghan, Capital e Ashley in Drawing Expense X Credit Revenue X Debat Asset Debit Fees Eamed Owner's equity X Credit Office Equipment Liability X Debit Debit Liability Debit Revenue X Debit ssignment/take Assignment Main.dolinvoker&takeAssignmentSessionLocator=&inprogress. W e Entries into T accounts and Trial Balance...
Exercise 3-15 a-c (Part Level Submission) Sheridan Company adjusts its accounts annually. The following information is...
Exercise 3-15 a-c (Part Level Submission) Sheridan Company adjusts its accounts annually. The following information is available for the year ended December 31, 2020 1. Purchased a 1-year Insurance policy on June 1 for $1,680 cash. 2. Paid $5,000 on August 31 for 5 months' rent in advance. 3. On September 4, received $3,780 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved students at a local...
Exercise 3-15 a-c (Part Level Submission) Sheridan Company adjusts its accounts annually. The following information is...
Exercise 3-15 a-c (Part Level Submission) Sheridan Company adjusts its accounts annually. The following information is available for the year ended December 31, 2020. 1. Purchased a 1-year insurance policy on June 1 for $1,680 cash. Pald $5,000 on August 31 for 5 months' rent in advance 3. On September 4, received $3,780 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved students at a local school...
1. On January 1, 2020, Jim Beam Company sold goods to a customer and received a...
1. On January 1, 2020, Jim Beam Company sold goods to a customer and received a non interest bearing installment note requiring payments of $15,000 annually for six years. The first payment was received by Jim Beam Company on January 1, 2020. The prevailing rate of interest for this type of note is 8%.The total sales revenue Jim Beam Company would record for this sale on January 1, 2020 is : A)$90,000 B) $69,343 C) $74,891 D)$15,000 2. Johnnie Walker...
Calculate the VAT payable by, or refundable to Toys4All (pty) ltd for its tax period 1 Jan 2020 to 29 Feb 2020. Where there are no VAT consequences, provide a brief reason why. A VAT rate of 15% applied throughout the applicable tax period on standard-rat
Question 4 Toys4All (Pty) ltd (“Toys4All or the company”) is a registered Value –Added Tax (VAT) vendor and has a two-month tax period. Toys4All operates as a wholesaler of toys that are supplied both local and foreign retailers.The following income and expenditure amounts, inclusive of vat where applicable, have been generated for the tax period 1 Jan 2020 to 29 Feb 2020:RINCOMELocal sales 1,524,900 Export sales 250,000 Interest on loan to a resident subsidiary company 3,450 Bad debts recovered...
ach of the following situations, state at which date, if any, revenue will be recognised. A contract for the sale of goods is entered into on 1 May 2019. The goods are delivered on 15 May 2019. The buyer pays for the goods on 30 May 2019. The contract contains a clause that entitles the buyer to rescind the purchase at any time. This is in addition to normal warranty conditions. A contract for the sale of goods is entered...
nce obligation(s) would ho egb 0 nitie AP4-2A (Revenue recognition) TreeHold Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May 31 year end. On February 18, 2020, TreeHold signed a contract with Coastal Harvesting Ltd, to design and build 25 custom harvesters that can harvest wood at the steep grades found along much of the Pacific coast timber stands included in Coastal's harvesting leases. The following events took...
Cullumber Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related to the following independent revenue arrangements for Cullumber products and services. Click here to view factor table. Cullumber offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $737. On a standalone basis, the grill sells for $637...
Exercise 5-18 Long-term contract; revenue recognition over time vs. upon project completion [LO5-9] On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.С., for $270 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 2019 2020 $ 50 $100 60...
Normal Balances of Accounts Identity each of the following accounts of Dispatch Services Co. as asset, ability owner's equites revenue Type of Account Liability Debitor Credit Credit Expense X Debit a Accounts Payable Accounts Recenoble a Ashley Ghan, Capital e Ashley in Drawing Expense X Credit Revenue X Debat Asset Debit Fees Eamed Owner's equity X Credit Office Equipment Liability X Debit Debit Liability Debit Revenue X Debit ssignment/take Assignment Main.dolinvoker&takeAssignmentSessionLocator=&inprogress. W e Entries into T accounts and Trial Balance...
Exercise 3-15 a-c (Part Level Submission) Sheridan Company adjusts its accounts annually. The following information is available for the year ended December 31, 2020 1. Purchased a 1-year Insurance policy on June 1 for $1,680 cash. 2. Paid $5,000 on August 31 for 5 months' rent in advance. 3. On September 4, received $3,780 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved students at a local...
Exercise 3-15 a-c (Part Level Submission) Sheridan Company adjusts its accounts annually. The following information is available for the year ended December 31, 2020. 1. Purchased a 1-year insurance policy on June 1 for $1,680 cash. Pald $5,000 on August 31 for 5 months' rent in advance 3. On September 4, received $3,780 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved students at a local school...
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