5. On October 1, year 1, Acme Fuel Co. sold 100,000 gallons of heating oil to Karn Co. at $3 per gallon. 55,000 gallons were delivered on December 15, year 1, and the remaining 45,000 gallons were delivered on January 15, year 2. Payment terms were: 50% due on October 1, year 1, 25% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should Acme recognize from this sale during year 1? *

Belk Co. sells extended service contracts on automobiles for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from customers are credited to Unearned Service Contract Revenue and this account had a balance of $450,000 at Dec. 31, 20A1 before year-end adjustment. Service contract costs are charged as incurred to the Service Contract Expense account, which had a balance of $100,000 at Dec. 31, 20A1. Outstanding service contracts at Dec. 31, 20A1 expire as follows:During 20A2: $90,000During 20A3: $160,000During 20A4: $70,000What amount should be reported as Unearned Service Contract Revenue in Belk's Dec. 31, 20A1 balance sheet? Group of answer choices $ 0 $220,000 $320,000 $130,000

Kinston Industries issued $4,000,000 in commercial paper which matures in six months and received $3,876,000. Calculate the effective annual rate that Kinston is paying.

Stratus Inc. purchased equipment for $18,500 and received an invoice with terms 4/10, 3/30, n/45. If Stratus Inc. decided to pay the full price on the 15th day of the invoice date, how much must it pay?

Meman

A construction company takes a loan of $1,322,000 to cover the cost of a new grader. If the interest rate is 7.95​% ​APR, and payments are made monthly for five​ years, what percentage of the outstanding principal does the company pay in interest each​ month?   A. 0.76​%   B. 6.63​%   C. 0.61​%   D. 0.71​%   E. 0.66​%

or each of the separate revenue contract scenarios 1 through 5, (a) measure the transaction price and (b) determine whether the transaction price is fixed, variable, or some combination of both. 1. Loyola Inc. sells $70,000 of inventory during the year to customers for $140,000. Loyola Inc. accepts returns up to 3 months after the date of purchase. Loyola estimates returns to be 6% of sales. a. Transaction price Answer b. Variable consideration Answer   Fixed consideration Answer 2. Nakoma Corp. sells product offering a retroactive volume discount on certain cumulative sales volumes as follows: 0 to 500 units cost $10 each; 501 to 1,000 units cost $9 each; 1,001 units and beyond cost $8 each. For Nakoma’s largest customer, Nakoma estimates the likelihood of cumulative purchases for the year as follows: 15% for 400 units, 50% for 800 units, and 35% for 1,200 units. The revenue contract stipulates that the price per unit of product will be adjusted retroactively once…

Required information [The following information applies to the questions displayed below.] Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390). c. Sold merchandise (costing $9,595) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $310) after year-end from sales made during the year. $ 62,080 420 20,200 10,100 194 430

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IV. A new sound system is being installed at Club Falcon. The invoice, dated June 9, shows the total cost of the equipment as $16,480. Shipping charges amount to $516, and insurance is $81.20. Terms of sale are 2/10 prox. If the invoice is paid on July 9, what is the net amount due?