Accounting Assignment 5

Accounting Assignment 5 - Michael Novack 260265638...

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Unformatted text preview: Michael Novack 260265638 Accounting Assignment 6-1) 1. A. no revenue recognized since the earning process is not completed B. since the process is independent if you actually take the flight, then revenue may be recognized 2. Revenue cannot be recognized because with these promotion deals it is hard to determine the collectability of the buyer 3. The blue jay may recognize these cost because there costs for the games are going to change irrespective if the consumer shows or not. 4. Cannot recognize until the day, unsure of the collectability, yet if there is a background check done, may recognize incremental revenue per month 5. The process is complete, they have already set up teachers to do the class and if they can estimate the cost of having the students they may recognize on an incremental monthly basis 6. Sears most likely has a lax payment policy, thus collectability cannot be assured therefore do not recognize revenue, until payment complete. 6-5) 1. (43*500)+840 $22,340 2. 37(700)*.06 $155444 3. 37(700)-1554-200-320 $23,846 6-10) 1.-104,854.37, -370,146, 2,125,000 2. 2007 Construction in progress 600,0 00 Cash, materials, etc. 600,0 00 Accounts receivable 467,5 00 Billings on construction 467,5 1 Michael Novack 260265638 Accounting Assignment contract 00 2008 Construction in progress 200,00 0 Cash, materials, etc. 200, 000 Accounts receivable 2,125,00 0 Billings on construction contract 2,125, 000 2009 Construction in progress- Cash, materials, etc.- Accounts receivable 2,215,00 0 Billings on construction contract 2,215,0 00 3. 0, 0, -50,000 4. Construction in progress 600,00 Cash, materials, etc. 600,00 Accounts receivable 600,00 2 Michael Novack 260265638 Accounting Assignment Billings on construction contract 600,00 Cash 516,00 Accounts receivable 516,00 2008 Construction in progress 2,000,00 Cash, materials, etc....
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This note was uploaded on 04/10/2009 for the course MANG MGCR 352 taught by Professor Zlou during the Spring '09 term at McGill.

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Accounting Assignment 5 - Michael Novack 260265638...

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