Financial Accounting Plus MyLab Accounting with Pearson eText - Access Card Package (11th Edition)
11th Edition
ISBN: 9780134436135
Author: Walter T. Harrison Jr., Charles T. Horngren, C. William Thomas, Wendy M. Tietz
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 3.19AE
a.
To determine
The amount that is to be reported as revenue for the year 2016 and to explain the way in which revenue principle help in this situation.
b.
To determine
The total expense that is to be reported as expense for the year 2016 and to explain the way in which the accounting principle help in this situation.
c.
To determine
To calculate: The “part a” and “part b” using the cash basis and to explain the way in which the accrual basis differs from cash basis.
d.
To determine
To explain: The statement in which revenues and expenses are reported and to explain the statement in which the cash receipts and cash payments are reported.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Diego Co. records sinking fund transactions currently and maintains a balance in the retained earnings appropriated for sinking fund account equal to the sinking fund. There is no trustee. The following transactions relate to the company's sinking fund set up for the retirement of its long-term bonds payable.1. In accordance with the terms of the bond indenture, cash in the amount of P18,000,000 is transferred at the end of the first year, from the regular cash account to the sinking fund.2. The sinking fund cash is used to acquire Silang Corp.'s 12%, five-year bonds of 5,000,000 at face value.3. The sinking fund cash is used to acquire 10% P50 par value Melchora Inc. 100,000 preference shares at P80 per share.4. Semi-annual interest is received on the Silang bonds.5. Sinking fund expenses of P200,000 are paid from the fund.6. This sinking fund cash is used to acquire Aquino Co. 10% bonds of P4,000,000, maturing in 4 years at face value plus six months accrued interest.7. Half of the…
TOKYO ended the year with an inventory of
Crestwood Industries mixes together sugarcane residue and ethanol. After joint manufacturing costs of $3,500 have been incurred, the mixture separates into two products, biomass fuel and industrial alcohol. At the split-off point, biomass fuel can be sold for $6,500, and the alcohol can be sold for $10,500. The biomass fuel can be further processed at a cost of $7,500 to make bio-bricks, which could be sold for $17,500. The alcohol can be further processed at a cost of $8,500 to make a disinfectant, which could be sold for $16,500.What is the net increase (decrease) in operating income from bio-bricks? answer
Chapter 3 Solutions
Financial Accounting Plus MyLab Accounting with Pearson eText - Access Card Package (11th Edition)
Ch. 3 - Prob. 1QCCh. 3 - Prob. 2QCCh. 3 - Prob. 3QCCh. 3 - Prob. 4QCCh. 3 - Prob. 5QCCh. 3 - Prob. 6QCCh. 3 - Prob. 7QCCh. 3 - Prob. 8QCCh. 3 - Prob. 9QCCh. 3 - Prob. 10QC
Ch. 3 - Prob. 11QCCh. 3 - Prob. 12QCCh. 3 - Prob. 13QCCh. 3 - Prob. 14QCCh. 3 - Prob. 15QCCh. 3 - Prob. 16QCCh. 3 - Prob. 17QCCh. 3 - Prob. 3.1ECCh. 3 - Prob. 3.1SCh. 3 - Prob. 3.2SCh. 3 - Prob. 3.3SCh. 3 - Prob. 3.4SCh. 3 - Prob. 3.5SCh. 3 - Prob. 3.6SCh. 3 - Prob. 3.7SCh. 3 - Prob. 3.8SCh. 3 - Prob. 3.9SCh. 3 - Prob. 3.10SCh. 3 - Prob. 3.11SCh. 3 - Prob. 3.12SCh. 3 - Prob. 3.13SCh. 3 - Prob. 3.14SCh. 3 - Prob. 3.15SCh. 3 - Prob. 3.16SCh. 3 - Prob. 3.17SCh. 3 - Prob. 3.18SCh. 3 - Prob. 3.19AECh. 3 - Prob. 3.20AECh. 3 - Prob. 3.21AECh. 3 - Prob. 3.22AECh. 3 - Prob. 3.23AECh. 3 - Prob. 3.24AECh. 3 - Prob. 3.25AECh. 3 - Prob. 3.26AECh. 3 - Prob. 3.27AECh. 3 - Prob. 3.28AECh. 3 - Prob. 3.29AECh. 3 - Prob. 3.30BECh. 3 - Prob. 3.31BECh. 3 - Prob. 3.32BECh. 3 - Prob. 3.33BECh. 3 - Prob. 3.34BECh. 3 - Prob. 3.35BECh. 3 - Prob. 3.36BECh. 3 - Prob. 3.37BECh. 3 - Prob. 3.38BECh. 3 - Prob. 3.39BECh. 3 - Prob. 3.40BECh. 3 - Prob. 3.41SECh. 3 - Prob. 3.42QCh. 3 - Prob. 3.43QCh. 3 - Prob. 3.44QCh. 3 - Prob. 3.45QCh. 3 - Prob. 3.46QCh. 3 - Prob. 3.47QCh. 3 - Prob. 3.48QCh. 3 - Prob. 3.49QCh. 3 - Prob. 3.50QCh. 3 - Prob. 3.51QCh. 3 - Prob. 3.52QCh. 3 - Prob. 3.53QCh. 3 - Prob. 3.54QCh. 3 - Prob. 3.55QCh. 3 - Prob. 3.56QCh. 3 - Prob. 3.57QCh. 3 - Prob. 3.58QCh. 3 - Prob. 3.59APCh. 3 - Prob. 3.60APCh. 3 - Prob. 3.61APCh. 3 - Prob. 3.62APCh. 3 - Prob. 3.63APCh. 3 - Prob. 3.64APCh. 3 - Prob. 3.65APCh. 3 - Prob. 3.66APCh. 3 - Prob. 3.67BPCh. 3 - Prob. 3.68BPCh. 3 - Prob. 3.69BPCh. 3 - Prob. 3.70BPCh. 3 - Prob. 3.71BPCh. 3 - Prob. 3.72BPCh. 3 - Prob. 3.73BPCh. 3 - Prob. 3.74BPCh. 3 - Prob. 3.75CEPCh. 3 - Prob. 3.76CEPCh. 3 - Prob. 3.77CEPCh. 3 - Prob. 1DCCh. 3 - Prob. 2DCCh. 3 - Prob. 3DCCh. 3 - Prob. 1EICh. 3 - Prob. 2EICh. 3 - Prob. 1FFCh. 3 - Prob. 1FACh. 3 - Prob. 1GP
Knowledge Booster
Similar questions
- What is the value of ending inventory?arrow_forwardOn May 10, 2005, Ramirez Company purchased P18,000 worth of merchandise from Valencia Company on account and with the following terms; 1/10, n/30, FOB shipping point. On May 12, 2005, Ramirez paid P360 on the shipment. On May 15, 2005, Ramirez returned P2,000 of merchandise for credit. Final payment was made to Valencia on May 21, 2005. The merchandise was then sold to cash customers for P30,600 on May 24, 2005. Based on the above data, what is the gross profit rate of Ramirez Company? 20% 50% 40% not givenarrow_forwardAccountingarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education