BE 6.27 – TopChop
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the amount received from the franchisee, the stand-alone price, and the amount received per year… find the recognized revenue.
Given the amount received from the franchisee, the stand-alone price, and the amount received per year… find the recognized revenue.
Given the price that rods were sold for along with the month that they were held till… find the revenue that is recognized in year 1.
Given the retail price and commission percentage… find the amount to be reported as an expense.
How much revenue with respect to these four paintings should Kerianne recognize?
Given the amount of gift cards sold, gift cards that redeemed, and remaining gift cards… determine the amount of revenue that is to be recognized.
Given the payment received, the additional payment… find the contra asset, contra liability. and the accounts receivable.
Given the account balance, the CIP, the contract balance, and the billings account… find the amount of contract asset and/or contract liability for the balance sheet.
Given the cost of a contract, the cost of construction costs in the first year, and the cost to complete… calculate how much revenue and gross profit will be in the income statement during the first year of the contract.
Given the amount they billed their customers along with the amount that was collected… determine what would appear on the year-end balance sheet.
This is a part three question where they give you the amount of construction costs in the second year and ask you to calculate the amount of revenue and gross profit recognized in the first and second year.