Concept introduction Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer. The percentage of work completed.

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Answer 1

Question

Chapter 8, Problem 8.6P

a.

To determine

Concept introduction

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The percentage of work completed.

b.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The revenue and gross profit for all the years.

c.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

To explain: The journal entries for each year of the contract.

d.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

A t-account for construction in progress, billings on construction in progress, and accounts receivable.

e.

To determine

Revenue recognition deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The net assets or liability for each year of the contract.

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Accounting

Brun Company produces its product through two processing departments: Mixing and Baking. Information for the Mixing department follows. Direct Materials Conversion Unit Percent Complete Percent Complete Beginning work in process inventory 7.500 Units started this period 104,500 Units completed and transferred out 100.000 Ending work in process inventory 12.000 100% 25% Beginning work in process inventory Direct materials Conversion $6.800 14.500 $21.300 Costs added this period Drect materials 116,400 Conversion Total costs to account for 1.067,000 1.183.400 $1.204.700 Required 1. Prepare the Mixing department's production cost report for November using the weighted average method Check (1) C$1.000 2. Prepare the November 30 journal entry to transfer the cost of completed units from Mixing to Baking

None

Answer 2

Question

Chapter 8, Problem 8.6P

a.

To determine

Concept introduction

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The percentage of work completed.

b.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The revenue and gross profit for all the years.

c.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

To explain: The journal entries for each year of the contract.

d.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

A t-account for construction in progress, billings on construction in progress, and accounts receivable.

e.

To determine

Revenue recognition deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The net assets or liability for each year of the contract.

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Answer 3

Question

Chapter 8, Problem 8.6P

a.

To determine

Concept introduction

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The percentage of work completed.

b.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The revenue and gross profit for all the years.

c.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

To explain: The journal entries for each year of the contract.

d.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

A t-account for construction in progress, billings on construction in progress, and accounts receivable.

e.

To determine

Revenue recognition deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The net assets or liability for each year of the contract.

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Answer 4

Question

Chapter 8, Problem 8.6P

a.

To determine

Concept introduction

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The percentage of work completed.

b.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The revenue and gross profit for all the years.

c.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

To explain: The journal entries for each year of the contract.

d.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

A t-account for construction in progress, billings on construction in progress, and accounts receivable.

e.

To determine

Revenue recognition deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The net assets or liability for each year of the contract.

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Answer 5

Chapter 8, Problem 8.6P

a.

To determine

Concept introduction

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The percentage of work completed.

b.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The revenue and gross profit for all the years.

c.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

To explain: The journal entries for each year of the contract.

d.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

A t-account for construction in progress, billings on construction in progress, and accounts receivable.

e.

To determine

Revenue recognition deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The net assets or liability for each year of the contract.

Answer 6

Chapter 8, Problem 8.6P

a.

To determine

Concept introduction

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The percentage of work completed.

Answer 7

Chapter 8, Problem 8.6P

a.

To determine

Concept introduction

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The percentage of work completed.

Answer 8

b.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The revenue and gross profit for all the years.

Answer 9

b.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The revenue and gross profit for all the years.

Answer 10

c.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

To explain: The journal entries for each year of the contract.

Answer 11

c.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

To explain: The journal entries for each year of the contract.

Answer 12

d.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

A t-account for construction in progress, billings on construction in progress, and accounts receivable.

Answer 13

d.

To determine

Revenue recognition: This is an accounting concept that deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

A t-account for construction in progress, billings on construction in progress, and accounts receivable.

Answer 14

e.

To determine

Revenue recognition deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The net assets or liability for each year of the contract.

Answer 15

e.

To determine

Revenue recognition deals with timing and measure of revenue. The fundamental principle of revenue recognition is that the company should recognize revenue when goods or services are transferred to the customer, and revenue must be measured at an exact amount that is expected to be received from the customer.

The net assets or liability for each year of the contract.

Answer 16

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Answer 18

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Answer 19

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