BE 6.34 – Balance Sheet
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the amount they billed their customers along with the amount that was collected… determine what would appear on the year-end balance sheet.
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.
Given the contract price, the construction costs in year one, and the estimated remaining costs… determine how much gross profit or loss would be recognized in the first year.
Given the amount in their cash account along with the amount of cash overdraft… determine how the cash account would be stated in the balance sheet under IFRS and U.S. GAAP.
They give you five items and ask you to determine if each would be included or excluded from the cash and cash equivalents in the balance sheet.
They told you they sold satellite systems. Determine what year income before tax is affected by discounts and by how much.
Given sales, estimated returns, cost goods sold, etc… find the year-end adjusting journal entry.
Given recorded sales, experienced sales, returns, etc., and ask for the journal entry…. prepare the year-end adjusting journal entries to account for anticipated sales returns.
Given the amount of accounts receivable and the estimated percent of accounts that will be uncollectible… prepare a journal entry for the allowance.
Given credit balance in allowance, gross accounts receivable, and % estimate…. prepare journal entry to adust its allowance for uncollectible accounts.