Ch 18 Solutions

# Intermediate Accounting

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Unformatted text preview: CHAPTER 18 Revenue Recognition ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis * 1. Realization and recognition; sales transactions; high rates of return. 1, 2, 3, 4, 5, 6, 22 1 1, 2, 3 1 1, 2, 3, 4, 5, 7, 8, 9 * 2. Long-term contracts. 7, 8, 9, 10, 11, 12, 22 2, 3, 4, 5, 6 4, 5, 6, 7, 8, 9, 10 1, 2, 3, 4, 5, 6, 7, 14, 15, 16, 17 1, 2, 3, 6 * 3. Installment sales. 13, 14, 15, 16, 17, 18, 19, 20, 21, 22 7, 8, 9 11, 12, 13, 14, 15, 16 1, 8, 9, 10, 11, 12, 15 1, 2, 3 * 4. Repossessions on installment sales. 8 13, 17, 18 10, 11, 12, 13, 14 * 5. Cost-recovery method; deposit method. 13, 22, 23, 24 10 15, 16 8, 9 *6. Franchising. 22, 25, 26, 27, 28 11 19, 20 10 *7. Consignments. 29 12 21 *This material is dealt with in an Appendix to the chapter. 18-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Apply the revenue recognition principle. 1 1, 2, 3 2. Describe accounting issues for revenue re- cognition at point of sale. 1 1, 2, 3 1 3. Apply the percentage-of-completion method for long-term contracts. 2, 3 4, 5, 6, 7, 8, 9 1, 2, 3, 4, 5, 6, 7, 16, 17 4. Apply the completed-contract method for long-term contracts. 4, 5 4, 8, 9, 10 1, 2, 3, 5, 6, 7, 15, 16, 17 5. Identify the proper accounting for losses on long-term contracts. 6 10 5, 6, 7, 15 6. Describe the installment-sales method of accounting. 7, 8, 9 11, 12, 13, 14, 15, 16, 17, 18 1, 8, 9, 10, 11, 12, 13, 14 7. Explain the cost-recovery method of accounting. 10 15, 16 *8. Explain revenue recognition for franchises and consignment sales. 11, 12 19, 20, 21 18-2 ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E18-1 Revenue recognition on book sales with high returns. Moderate 15–20 E18-2 Sales recorded both gross and net. Simple 15–20 E18-3 Revenue recognition on marina sales with discounts. Moderate 10–15 E18-4 Recognition of profit on long-term contracts. Moderate 20–25 E18-5 Analysis of percentage-of-completion financial statements. Moderate 20–25 E18-6 Gross profit on uncompleted contract. Simple 10–15 E18-7 Recognition of profit, percentage-of-completion. Moderate 10–12 E18-8 Recognition of revenue on long-term contract and entries. Moderate 25–30 E18-9 Recognition of profit and balance sheet amounts for long-term contracts. Simple 15–20 E18-10 Long-term contract reporting. Simple 15–25 E18-11 Installment-sales method, calculations, entries. Simple 15–20 E18-12 Analysis of installment sales accounts. Moderate 15–25 E18-13 Gross profit calculations and repossessed merchandise. Moderate 15–20 E18-14 Interest revenue from installment sale. Simple 15–20 E18-15 Installment-sales method and cost-recovery method. Simple 15–20 E18-16 Installment-sales method and cost-recovery method. Simple 10–15 * E18-17 Installment-sales—default and repossession. Simple 10–15 * E18-18 Installment-sales—default and repossession.Installment-sales—default and repossession....
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Ch 18 Solutions - CHAPTER 18 Revenue Recognition ASSIGNMENT...

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