chapter 18-part 1 - 1,200,000 cash 960,000 accts receivable...

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2) Revenue is recognized at the date of sale. At the date of sale, the amount of the revenue shou 3) Revenues are recognized as follows: a) revenue from selling products-date of delivery to customers b) revenue from services rendered-when the services have been performed and are billable c) revenue from permitting others to use enterprise assets d) revenue from disposing of assets other than produtct. 8) 10800000 13) With the installment sales method, income recognition is deferred until the period of cash collec Under the cost recovery method, no income is recognized until cash payments by the buyer ex 19) Year gross profit recognized 2006 80000 38% 30,400 2007 320000 38% 121,600 2008 100000 38% 38,000 500000 190,000 BE-1 a) Sales returns and allowances 78,000 accounts receivable 78,000 b) sales returns and allowances 42,000 returns and allowances 42,000 BE-2 construction in process 1,715,000 materials, cash, payables 1,715,000 accts receivable 1,200,000 billings on construction in process
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Unformatted text preview: 1,200,000 cash 960,000 accts receivable 960,000 construction in pro 735,000 construction expenses 1,715,000 revenue from long term contract 2,450,000 Chapter 18 Homework Part 1-complete questions 2,3,8,13,19; Brief Exercises 1,2,3,4. Cash collected Gross profit percentage BE-3 current assets 240,000 inventories construction in process 2,450,000 less: billings 1,200,000 cost and recognized profit in excess of billings 1,250,000 BE-4 construction in process 1,715,000 materials, cash, payables 1,715,000 accts receivable 1,200,000 billings on construction in process 1,200,000 cash 960,000 accts receivable 960,000 uld be measurable. And the earning process is complete. ction. At the year end, the gross profit rate is applied to the cash collections from each years sales to d xceed the seller's cost of the inventory sold. detrmine the realized gross profit...
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This note was uploaded on 04/14/2011 for the course ACCT 3202 taught by Professor Kenmichael during the Spring '11 term at University of Minnesota Duluth.

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chapter 18-part 1 - 1,200,000 cash 960,000 accts receivable...

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