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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What is the direct materials quantity variance on these general accounting question?

Cullumber Company uses a job-order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labour cost in Department D, direct labour hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2022, the following estimates were made for the year. Department D E K Manufacturing overhead $1,280,000 $1,500,000 $840,000 Direct labour costs $1,600,000 $1,312,500 $472,500 Direct labour hours 105,000 125,000 42,000 Machine hours 420,000 525,000 120,000 The following information pertains to January 2022 for each manufacturing department. Department D E K Direct materials used Direct labour costs $147,000 $132,300 $81,900 $126,000 $115,500 $39,375 Manufacturing overhead incurred $103,950 $128,600 $73,950 Direct labour hours 8,400 11,550 3,675 Machine hours 35,700 47,250 10,380 Your answer is partially correct. Calculate the predetermined overhead rate for each department.…

General Accounting Question

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 17

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Answer 18

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Answer 19

Ch. 8 - What are the primary issues involved in revenue...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - Prob. 8.4Q Ch. 8 - Prob. 8.5Q Ch. 8 - How is a performance obligation defined?Ch. 8 - What are the two criteria to define a good or...Ch. 8 - Prob. 8.8Q Ch. 8 - What principles regarding timing and measurement...Ch. 8 - Prob. 8.10Q

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