Exercises Financial Accounting - Revenue Recognition
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This document discusses two problems related to revenue recognition. Problem 1 describes a consignment transaction where Ice Company consigned freezers to Hotsa Company. Problem 2 describes a long-term construction project by PT WS to build a factory for MM over three years from 2010 to 2012. The document provides journal entries and calculations using percentage of completion and cost recovery methods. It also includes a homework problem on a three-year construction project by PT AAA and instructions to prepare journal entries using percentage of completion and cost recovery methods.
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This document discusses revenue recognition methods for long-term construction contracts. It provides examples comparing the percentage of completion method and cost recovery method. Under the percentage of completion method, revenue and profit are recognized based on the project's completion percentage each period. Under the cost recovery method, revenue is only recognized up to the amount of costs incurred, with profit recognized once all costs are recovered. Journal entries and partial financial statements are presented for a construction project from 2010-2012 under both methods.
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Multiple Choice Question 21
Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
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Individual Assignment Week ThreeKimberly M JohnsonAc.docx
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Kimberly M Johnson
Acc/290
August 14, 2012
James Moore
Running head: INDIVIDUAL ASSIGNMENT WEEK THREE
1
INDIVIDUAL ASSIGNMENT WEEK THREE
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Individual Assignment Week Three
BE4-1
Transactions that affect earnings do not necessarily affect cash.
Hint: Identify impact of transactions on cash and net income.
(SO 2, 9)
Instructions
Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.
Cash
Net Income
(a)
Purchased $100 of supplies for cash.
-$100
$ 0
(b)
Recorded an adjusting entry to record use of $30 of the above supplies.
(c)
Made sales of $1,300, all on account.
(d)
Received $800 from customers in payment of their accounts.
(e)
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P4-2A
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
WAEGELEIN CONSULTING
Trial Balance
June 30, 2010
Debit
Credit
Cash
$ 6,850
Accounts Receivable
7,000
Prepaid Insurance
2,640
Supplies
2,000
Office Equipment
15,000
Accounts Payable
$ 4,540
Unearned Service Revenue
5,200
Common Stock
21,750
Service Revenue
8,000
Salaries Expense
4,000
Rent Expense
2,000
$39,490
$39,490
In addition to those accounts listed on the trial balance, the chart of accounts for Waegelein also contains the following accounts: Accumulated Depreciation—Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.
Other data:
1.
Supplies on hand at June 30 total $980.
2.
A utility bill for $180 has not been recorded and will not be paid until next month.
3.
The insurance policy is for a year.
4.
$3,900 of unearned service revenue has been earned at the end of the month.
5.
Salaries of $1,250 are accrued at June 30.
6.
The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7.
Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Hint: Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance.
(SO 4, 5, 6)
Instructions
(a)
Prepare the adjusting entries for the month of June.
(b)
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.
Service rev. $15,400
(c)
Prepare an adjusted trial balance at June 30, 2010.
Tot. trial balance $44,670
P4-3A
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.
OLATHE HOTEL
Trial Balance
May 31, 2010
Debit
Credit
Cash
$ 2,500
Prepaid Insurance
1,800
Supplies
2,600
Land
15,000
Lodge
70,000
Furniture
16,800
Accounts Payable
$ 4,700
Unearned Rent Reve.
Accounting for Properties Plant & Equipment
The document provides information and instructions to calculate depreciation for equipment purchased by a company using different depreciation methods. It gives the cost of the equipment, estimated salvage value, service life, production and working hours estimates, and actual production and working hours for 2004 and 2005. The student is asked to calculate depreciation expense for 2004 and 2005 using straight-line, units-of-output, working hours, sum-of-years digits, and declining balance methods based on this information. Depreciation is calculated for each year and method as instructed and the answers are provided in a solution section.
1—Balance sheet computations.(Balance Sheet) Presented b.docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase.
Financial Accounting May jun-2013
The document is a 4 page exam for a Financial Accounting course. It includes 4 questions assessing understanding of concepts like provisions, contingencies, property plant and equipment, consolidated financial statements, and cash flow statements. Question 1 has multiple parts asking about inventory write downs, provisions, and contingencies. Question 2 covers measurement bases, property exchanges, and consolidated financial statements. Question 3 requires preparation of a cash flow statement and reconciliation. Question 4 requires preparation of a consolidated balance sheet from provided company balance sheets.
Accounting 970602 paper 2 core topics for examination from 2010 specimen paper
This document is a specimen exam paper for an accounting exam. It consists of 3 exam questions covering various accounting topics like income statements, balance sheets, ratio analysis, and cost and revenue calculations. The first question involves preparing income statements and balance sheets. The second question involves calculating purchases, sales, cost of sales, and accounts receivable and payable amounts and ratios. The third question involves using cost and revenue information to prepare profit statements and calculate contributions and contribution per direct labor hour for 3 products. The document provides detailed instructions and accounting information for students to use to answer the exam questions.
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The document is a past exam paper for a financial accounting exam. It contains 4 questions regarding concepts like substance over form, inventory accounting, research and development costs, non-current assets, leases, provisions, contingencies, share-based payments, and business combinations. The questions require calculations, journal entries, notes disclosures and consolidation of financial statements for various companies.
Devry acct 550 final exam
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Devry acct 550 final exam
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Accounting 970641 paper 4 problem solving (supplementary topics) october nove...
Accounting 970641 paper 4 problem solving (supplementary topics) october november 2012
Advanced Level
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Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
Devry acct 550 final exam
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1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
1—Balance sheet computations.(Balance Sheet) Presented below i.docx
1—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$ 68,100
$ 21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
...
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This document is a resume for João Carlos Reis Príncipe, a senior civil/structural engineer with over 30 years of experience. It provides details on his personal information, education, skills, languages, and extensive professional experience managing a wide range of civil engineering and construction projects across Portugal, Spain, Saudi Arabia, Australia, and East Timor. His experience includes roles as a project manager, consultant, and advisor for projects ranging from $750k to $200 million.
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Exercises Financial Accounting - Revenue Recognition
- 1. SOAL ASISTENSI AKUNTANSI KEUANGAN 2 REVENUE RECOGNITION Dosen: Ibu Dini Marina | Asdos: Fabiola Kristi | Pertemuan 8 | Page 1 UNIVERSITAS INDONESIA FAKULTAS EKONOMI DEPARTEMEN AKUNTANSI PROBLEM 1 (Consignment) On May 3, 2013, Ice Company consigned 80 freezers, costing $500 each, to Hotsa Company. The cost of shipping the freezers amounted to $840 and was paid by Ice Company. On Dec. 30, 2013, a report was received from the consignee, indicating that 40 freezers had been sold for $750 each. Remittance was made by the consignee for the amount due, after deducting a commission of 6%, advertising of $200, and total installation costs of $320 on the frezeers sold. Intruction: Prepare all necessary journal entries! PROBLEM 2 (Long-term Construction) On Feb. 1, 2010, PT WS contracted to build a factory for MM for total contract price of $11,340,000. The building was completed by Nov. 30, 2012. Data for the project are as follows: 2010 2011 2012 Cost incurred during the year $3,888,000 $3,010,500 $2,956,500 Estimated cost to complete 4,752,000 2,956,500 - Billings to Makmur during the year 4,320,000 4,725,000 2,295,000 Payment collected during the year 2,835,000 3,960,000 4,545,000 Intructions: a) Prepare schedules to compute the profit or loss to be recognized for the years ended December 31, 2010, 2011, and 2012 under: Percentage of completion method dan Cost recovery method. b) Explain briefly the difference between the two method on (a)! c) Prepare all necessary journal entries for 2010, 2011, 2012! d) Prepare a partial Statement of Financial Position for December 31, 2010, 2011, and 2012, showing the balances in current assets and current liabilities! HOMEWORK PT AAA bergerak di bidang konstruksi mengadakan perjanjian kontrak jangka panjang yang di mulai 1 Januari 2011 untuk membangun kawasan hiburan. Telah diestimasikan bahwa proyek itu akan menghabiskan biaya Rp900,000,000.- dan akan memakan waktu 3 tahun. Proyek tersebut dijual pada harga Rp1,350,000,000.- Informasi akan proyek tersebut adalah sebagai berikut. 2011 2012 2013 Cost to date Rp405,000,000.- Rp630,000,000.- Rp900,000,000.- Estimated cost to complete 495,000,000.- 270,000,000.- Progress billing to date 405,000,000.- 825,000,000.- 1,350,000,000.- Cash collected to date 360,000,000.- 750,000,000.- 1,350,000,000.- Instruction: a) Dengan menggunakan percentage of completion method, hitung profit yang akan diakui setiap tahun dan jurnal penyesuaian. b) Dengan menggunakan cost recovery (zero profit), buat jurnal penyesuaian.