Problem 1-22 (AICPA Adapted)Black Company required nonrefundable advance paymentswith special orders for machinery constructed to customerspecifications.The entity provided the following information for the currentyear:Customer advances - beginning of yearAdvances received with ordersAdvances applied to orders shippedAdvances applicable to orders canceledWhat amount should be reported as current liability foradvances from customers at year-end?a. 1,480,000b.C.d.1,380,000880,0000Problem 1-23 (AICPA Adapted)Lovie Company offered three payment plans on twelve-monthcontracts.#1#2#3The entity provided the following information on the threeplans and the number of children enrolled in each plan fromSeptember 1, 2023 through August 31, 2024 contract year:Initial paymentper child50,00020,000Monthly feeper childa. 330,000b. 438,000c. 660,000d. 990,0001,180,0001,840,0001,640,000500,0003,0005,000Number ofchildren15129The entity received P990,000 of initial payments onSeptember 1, 2023, and P324,000 of monthly fees during theperiod September 1 through December 31, 2023.26On December 31, 2023, what amount should be reported asdeferred revenue?

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Answered: Problem 1-22 (AICPA Adapted) Black…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Exercise 9-4A (Algo) Recognizing sales tax payable LO 9-2 [The following information applies to the questions displayed below.] The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November Year 1 were $65,500 plus sales tax of 8 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $81,500 plus sales tax of 8 percent. Exercise 9-4A (Algo) Part e e. On which financial statement will the sales tax liability appear? The liability is shown on the
Ee.98.
Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Problem 6-10 (Algo) Part 1 Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2021 $2,044,000 5,256,000 2,170,000 1,885,000 X Answer is complete but not entirely correct. 2022 3,600,000 $ $ $ 2021 2,800,000 $ 756,000 $ 972,000 2022 $2,628,000 2,628,000 2,502,000 2,600,000 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations.…
Required:2. to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1.
“Revenue Recognition” Scenario 1: Crown Construction Company entered into a contract with Star Hotel for building a highly sophisticated, customized conference room to be completed for a fixed price of $400,000. Nonrefundable progress payments are made on a monthly basis for work completed during the month. Legal title to the conference room equipment is held by Crown until the end of the construction project, but if the contract is terminated before the conference room is finished Scenario 2: Regent Company entered into a contract with Star Hotel for constructing and installing a standard designed gym for a fixed price of $400,000. Nonrefundable progress payments are made on a monthly basis for work completed during the month. Legal title to the gym passes to Star upon completion of the building process. If Star cancels the contract before the gym construction is completed, Regent removes all the installed equipment and Star must compensate Regent for any loss of profit on sale of the…
Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 2021 2022 $2,044,000 $2,628,000 5,256,000 2,628,000 2,170,000 2,502,000 1,885,000 2,600,000 Problem 6-10 (Algo) Part 5 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate…
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Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Problem 6-10 (Algo) Part 1 Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2021 $2,044,000 5,256,000 2,170,000 2,502,000 1,885,000 2,600,000 2021 2022 2023 2022 $2,628,000 $2,890,800 2,628,000 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2023 0 5,328,000 5,515,000
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