Chap18n - BRIEF EXERCISE 18-1 (a) Sales Returns and

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Unformatted text preview: BRIEF EXERCISE 18-1 (a) Sales Returns and Allowances................................................ 78,000 Accounts Receivable...................................................... 78,000 (b) Sales Returns and Allowances................................................ 42,000 Allowance for Estimated Sales Returns and Allowances 42,000 BRIEF EXERCISE 18-2 Construction in Process..................................................................... 1,715,000 Materials, Cash, Payables, etc................................................ 1,715,000 Accounts Receivable.......................................................................... 1,200,000 Billings on Construction in Process........................................ 1,200,000 Cash .................................................................................................... 960,000 Accounts Receivable................................................................ 960,000 Construction in Process..................................................................... 735,000 Construction Expenses...................................................................... 1,715,000 Revenue from Long-Term Contract...................................... 2,450,000* [($1,715,000 $4,900,000) X $2,100,000 = $735,000] *$7,000,000 X 35% BRIEF EXERCISE 18-3 Current Assets Accounts Receivable $ 240,000 Inventories Construction in process $2,450,000 Less: Billings 1,200,000 Costs and recognized profit inexcess of billings 1,250,000 BRIEF EXERCISE 18-4 Construction in Process............................................................................. 1,715,000 Materials, Cash, Payables, etc......................................................... 1,715,000 Accounts Receivable................................................................................... 1,200,000 Billings on Construction in Process................................................ 1,200,000 Cash ............................................................................................................ 960,000 Accounts Receivable......................................................................... 960,000 BRIEF EXERCISE 18-5 Current Assets Accounts Receivable $240,000 Inventories Construction in process $1,715,000 Less: Billings 1,200,000 Costs in excess of billings 515,000 BRIEF EXERCISE 18-6 (a) Construction Expenses.................................................................... 288,000 Construction in Process (Loss)............................................. 30,000* Revenue from Long-Term Contracts................................... 258,000 (b) Loss from Long-Term Contracts.................................................... 30,000* Construction in Process (Loss)............................................. 30,000 BRIEF EXERCISE 18-7 18-1 Installment Accounts Receivable, 2008.................................................... 150,000 Installment Sales..............................................................................Installment Sales....
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This note was uploaded on 09/29/2011 for the course AEM 3370 taught by Professor lippitt during the Spring '09 term at Cornell University (Engineering School).

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Chap18n - BRIEF EXERCISE 18-1 (a) Sales Returns and

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