chapter 18 final - Chapter 18 Homework Part 1-complete...

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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) 9,600,000 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 2010 80000 34% 27,200 2011 320000 34% 108,800 2012 100000 34% 34,000 500000 170,000 BE-1 a) Sales returns and allowances 78,000 accounts receivable 78,000 b) sales returns and allowances 27,000 returns and allowances 27,000 BE-2 construction in process 1,700,000 materials, cash, payables 1,700,000 accts receivable 1,200,000 billings on construction in process
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chapter 18 final - Chapter 18 Homework Part 1-complete...

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