INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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Calculate the amount of revenue to be recognized in 2020 and 2021.
Calculate the construction costs to be expensed in 2021.
Prepare the journal entry at December 31, 2021, to record long-term contract revenues, expenses, and losses for 2021.
What is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021?
Show how the construction contract would be reported on the SFP and the income statement for the year ended December 31, 2021.
Assume that Cullumber uses the zero-profit or completed-contract method. What would be the journal entry recorded on December 31, 2021?
Transaction 1
The 100 employees of NAM JEWELS LIMITED are each entitled to 5 working days of paid
sick leave for each year. Unused sick leave may be carried forward for one calendar year.
Sick leave is taken first out of the current year's entitlement and then out of any balance
brought forward from the previous year (a LIFO basis).
At 31 December 2019 the average unused entitlement is 2 days per employee. The entity
expects, on the basis of experience that is expected to continue, that 92 employees will
take no more than five days of paid sick leave in 2020 and that the remaining 8 will take
an average an of six and a half days each.
In December 2020 to restructure its workforce (which was immediately communicated) in
such a way that all employees of the age of 55, but below the age of 60 at the reporting
date, could retire immediately should they choose to do so. Employees of 60 years and
older, up to 65 years at the statement of financial position date, will be forced to retire…
Record the adjusting entry to accrue interest expense at December 31, 2024.
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