ADVANCED ACCOUNTING
3rd Edition
ISBN: 9781618531902
Author: Halsey & Hopkins
Publisher: Cambridge Business Publishers
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Chapter 11, Problem 7Q
To determine
Explain the differences in revenue recognition for contributions received in cash that have
no limits on their use or access to funds, relating to a pledge to contribute cash in future
and of long-lived assets.
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Globex Corp. has forecasted sales of $30.0 million for next year and expects
its cost of goods sold (COGS) to remain at 80% of sales. Currently, the firm
holds $2.8 million in inventories, $2.3 million in accounts receivable, and $2.4
million in accounts payable. (Use 365 days are the length of a year in all
calculations.)
a. Approximately how long does it currently take Globex Corp. to convert raw
materials to its finished products and then to sell them?
b. On average, how long does it take from the time a sale is made until the time
cash is collected from customers?
c. Globex Corp. relies on customer credit when it buys raw materials from its
suppliers. How long does it take after the firm purchases materials before it
sends cash to its suppliers?
d. What is the length of Globex Corp.'s cash conversion cycle (CCC)?
Sam sold land to Brenda. The sales price was $200,000. Sam paid
a commission to a real estate broker of $12,000 and paid other
selling expenses of $2,425. Sam's basis in the land was $116,750.
What was Sam's gain realized on the sale of the land?
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Chapter 11 Solutions
ADVANCED ACCOUNTING
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5QCh. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Prob. 8QCh. 11 - Prob. 9QCh. 11 - Prob. 10Q
Ch. 11 - Prob. 11MCCh. 11 - Prob. 12MCCh. 11 - Prob. 13MCCh. 11 - Prob. 14MCCh. 11 - Prob. 15MCCh. 11 - Prob. 16MCCh. 11 - Prob. 17MCCh. 11 - Prob. 18MCCh. 11 - Prob. 19MCCh. 11 - Prob. 20MCCh. 11 - Prob. 21MCCh. 11 - Prob. 22MCCh. 11 - Prob. 23MCCh. 11 - Prob. 24MCCh. 11 - Prob. 25ECh. 11 - Prob. 26ECh. 11 - Prob. 27ECh. 11 - Prob. 28ECh. 11 - Prob. 29PCh. 11 - Prob. 30PCh. 11 - Prob. 31P
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