ACCT 557 Week 1 Quiz | eBooks | Education

ACCT 557 Week 1 Quiz

ACCT 557 Week 1 Quiz PLDZ-624 Instant Download Price
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ACCT 557 Week 1 Quiz

1. (TCO A) Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant:

2. (TCO A) Kerry Corp purchased a used bottling machine from Bob's Bottling Inc. on Jan 1, 2012 for $2100000. Bob accounted for the sale correctly under the installment sales method. It had a book value of $1575000. Kerry paid with $300000 cash and a note for $1800000 with an annual interest of 10%. Kerry agreed to make equal annual payments of $600000. Kerry Corp made their first payment on Jan 1, 2013 of $780000 which included interest of $180000 to date of payment.

3. (TCO A) Blue Suede Construction Corp used the percentage-of-completion method of revenue recognition. They were contracted to build the new amphitheater for $4500000. Additional information was provided:

As of Dec 31….                                  2012                    2013

Percentage of completion                   35%                     60%

Estimated total expected costs            $3,750,000         $3,900,000

Gross profit recognized (Cumulative)  $225,000            $300,000

Contracted costs incurred during 2013 were…

4. (TCO A) Revenue is NOT recognized at the time of sale when…

ACCT 557 Week 1 Quiz 1. (TCO A) Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant: 2. (TCO A) Kerry Corp purchased a used bottling machine from Bob's Bottling Inc. on Jan 1, 2012 for $210
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