E 6.12 – Arctic Cat
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the payment due at a future date, and the interest rate… prepare the journal entries.
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Given the payment due at a future date, and the interest rate… prepare the journal entries.
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Given the market value and the interest rate… prepare the required journal entries (4).
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Find the stand-alone selling price of the installation service using each of the approaches.
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Given the information on the normal and discounted warranty prices, the percent chance a buyer will get the extended warranty and the estimated amount of fryers that will be bought… find the stand-alone price of the warranties.
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Given the information on the fixed-fee construction contract and the accounting records for three consecutive years… find the gross profit.
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They give you the fixed-fee construction contract and the accounting records for three consecutive years and want you to find the gross profit.
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They give you the sales of the product, purchase of services, and the fair value and ask you to find the recorded revenue on the sale.
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They give you the contract amount and the duration of the contract and want you to prepare a journal entry at the beginning of the contract and the end of the year.
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Given the contract price along with scales, software, and calibration prices… find the recognized revenue for one performance obligation with equipment starting on August 1.
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Given the information on the installment sales, cash collections, and gross profit sales… find the deferred gross profit for year two.
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