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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...
Chapter 15: Revenue Exercise 15.10 Revenue recognition - rendering of services In each of the following...
Chapter 15: Revenue Exercise 15.10 Revenue recognition - rendering of services In each of the following situations, state at which date(s), if any, revenue will be recognised. 1. A contract for the rendering of services is entered into on 1 May 2020. The services are delivered on 15 May 2020. The buyer pays for the services on 30 May 2020. 2. A contract for the rendering of services is entered into on 1 May 2020. The services are delivered continuously...
Swifty Construction Company has entered into a contract beginning January 1, 2017, to build a parking...
Swifty Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $606,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $896,000. The following data pertain to the construction period. 2019 Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $266,640 339,360 270,000 240,000 2018 $412,080 193,920 545,000 495,000 $617,000...
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...
1. Which of the following is true about a promissory estoppel? A) It is invoked in...
1. Which of the following is true about a promissory estoppel? A) It is invoked in cases having incompetent parties. B) It permits a court to order enforcement of a contract that lacks consideration. C) It allows for a party to claim goods that were never paid for. D) It is invoked in cases that involve a promissory note. 2. Which of the following is true for a minor under the infancy doctrine? A) A minor is bound to the...
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed...
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. C. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $10,000. e. January 25: Collected $3,000 from customers for services performed in Transaction d. 1. January 30: Paid salaries of $2,500 for the current month....
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Chapter 15: Revenue Exercise 15.10 Revenue recognition - rendering of services In each of the following situations, state at which date(s), if any, revenue will be recognised. 1. A contract for the rendering of services is entered into on 1 May 2020. The services are delivered on 15 May 2020. The buyer pays for the services on 30 May 2020. 2. A contract for the rendering of services is entered into on 1 May 2020. The services are delivered continuously...
Swifty Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $606,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $896,000. The following data pertain to the construction period. 2019 Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $266,640 339,360 270,000 240,000 2018 $412,080 193,920 545,000 495,000 $617,000...
1. Which of the following is true about a promissory estoppel? A) It is invoked in cases having incompetent parties. B) It permits a court to order enforcement of a contract that lacks consideration. C) It allows for a party to claim goods that were never paid for. D) It is invoked in cases that involve a promissory note. 2. Which of the following is true for a minor under the infancy doctrine? A) A minor is bound to the...
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. C. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $10,000. e. January 25: Collected $3,000 from customers for services performed in Transaction d. 1. January 30: Paid salaries of $2,500 for the current month....
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
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