Chapter 13, Problem 5MCQ

Can you explain this financial accounting question using accurate calculation methods?

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I am looking for the correct answer to this general accounting problem using valid accounting standards.

Explain the concept of revenue recognition. What are the criteria that must be met before revenue can be recognized? Provide answer

Ansari Basketball Inc. had a player contract with Rodriguez that is recorded in its books at $3,500,000 on July 15, 2022. Delta Basketball Inc. had a player contract with Williams that is recorded in its books at $4,200,000 on July 15, 2022. On this date, Ansari traded Rodriguez to Delta for Williams and paid a cash difference of $800,000. The fair value of the Williams contract was $5,300,000 on the exchange date. The exchange had no commercial substance. After the exchange, the Williams contract should be recorded in Ansari's books at $ __? Help

The Phoenix Technologies had 22,000 shares of common stock outstanding on January 1 and issued an additional 5,400 shares on September 1. There was no preferred stock outstanding. If Phoenix reports earnings per share of $5.20 for the year ending December 31, how much is net income?

Financial Accounting

What was the variable overhead expenditure variance for the period

Can you help me solve this general accounting question using the correct accounting procedures?