Problem 1GI Problem 2GI Problem 3GI: When a company recognizes revenue during a period, what does it also recognize in its balance sheet? Problem 4GI Problem 5GI Problem 6GI: What is the proper accounting for a wholly unperformed contract? Problem 7GI: If a seller enters into more than one contract with a specific customer, when should the contracts... Problem 8GI Problem 9GI Problem 10GI Problem 11GI Problem 12GI Problem 13GI Problem 14GI Problem 15GI Problem 16GI Problem 17GI: If the standalone selling price of a good or service is not readily observable, what approaches... Problem 18GI Problem 19GI Problem 20GI: If the sellers performance creates on asset (e.g., work in progress) that the customer controls as... Problem 21GI: Describe input and output methods used to measure progress over time for performance obligations... Problem 22GI Problem 23GI Problem 24GI Problem 25GI Problem 1MC: A company should recognize revenue when a. the revenue is earned b. die contract is signed c. the... Problem 2MC: A contract between one or more parties creates: a. the date that cash is paid by the customer b.... Problem 3MC: Morgan Company and its customer agree to modify their existing contract. Under which of the... Problem 4MC: Chlorine Corp. has a contract to deliver pool products to the community aquatic center. The contract... Problem 5MC Problem 6MC Problem 7MC: In accounting for a long-term construction contract in which the performance obligations will be... Problem 9MC Problem 10MC Problem 1RE: CustomTee Inc. contracts with various customers to sell T-shirts. In the case of sales, CustomTees... Problem 2RE: Yankee Corp. agrees to provide Albany Company 24 months of coaching services. The contract sets the... Problem 3RE Problem 4RE Problem 5RE: LongDrive sells a specialized golf club that has core plugs to shift weight in the club head and... Problem 6RE Problem 7RE: VolleyElite runs a volleyball program consisting of camps, tournaments, and specialized coaching.... Problem 8RE: Enterprise Solutions Inc. licenses its productivity software to Blackmon Company for 100,000,... Problem 9RE Problem 10RE: Magical Memories sells Florida theme park vacation packages to various customers throughout the... Problem 11RE Problem 12RE: Robotics Inc. contracts with a customer to build a custom robot to be used in the customers... Problem 13RE: CoolShoes sells its elite tennis shoes to sports retailers throughout the country. When introducing... Problem 14RE: Using the information in RE17-13, what journal entry would CoolShoes make to record the sale of 100... Problem 15RE: GameDay sells recreational vehicles along with secure parking storage to customers. Game Day sells... Problem 16RE Problem 17RE: Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a)... Problem 18RE Problem 19RE Problem 1E: Company enters into a contract with Dearborn Inc. to sell it 50,000 of goods with delivery on May... Problem 2E: Consider each of the following scenarios: a. A seller orally agrees with one of its best customers... Problem 3E: On August 1, 2019, Aiken Corp. enters into a contract with Benton Corp. to sell it 25,000 of goods.... Problem 4E: On January 1, 2019, Spring Fashions Inc. enters into a contract with a southeast retail company to... Problem 5E: On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk... Problem 6E: Assume the same facts as in El7-5. On July 1, 2019, the customer realizes that she needs less data... Problem 7E: Assume the same facts as in E17-5 and ignore E17-6. On July 1, 2019, the customer realizes that she... Problem 8E Problem 9E: GrillMaster Inc. sells an industry-leading line of outdoor charcoal and gas grills to customers... Problem 10E: WaterWorld Inc. operates an aquarium and water park in Orlando, Florida. In addition to daily... Problem 11E Problem 12E: Jonas Consulting enters into a contract to provide cost management consulting services over a 1-year... Problem 13E: On March 1, 2019, Elkhart enters into a new contract to build a specialized warehouse for 7 million.... Problem 14E: On January 5, 2019, ShoeKing Corp. sells for cash 500 pairs of volleyball shoes to FootAction, a... Problem 15E: On January 1, 2019, Piper Company entered into an agreement with Save-Mart to sell its most popular... Problem 16E: On January 1, 2019, Fulton Inc. enters into a contract with Gibson to deliver goods. Gibson pays... Problem 17E Problem 18E: On December 1, 2019, AwakcAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers.... Problem 19E: Rix Company sells home appliances and provides installation and service for its customers. On April... Problem 20E: Assume the same facts as in E17-19, except that Rix cannot directly observe the stand-alone selling... Problem 21E: Crazy Computer Store sells a back-to-school bundle that consists of a laptop computer, printer, and... Problem 22E: Each of the following is an independent situation that relates to the recognition of revenue: a.... Problem 23E Problem 24E Problem 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and... Problem 26E Problem 1P: Each of the following independent situations relates to the recognition of revenue: a. On June 2,... Problem 2P: JustKitchens Inc. provides services to restaurants and hotels. The company supplies paper products,... Problem 3P: On January 1, 2019, ForeRunner Inc. enters into a contract with a sporting goods company to provide... Problem 4P: January 2, 2019, TI enters into a contract with Drewry Corp. to build a new piece of equipment. The... Problem 5P Problem 6P Problem 7P: Fender Construction Company receives a contract to construct a building over a period of 3 years for... Problem 8P: SoccerHawk Merchandise Inc. enters into a 6-month contract to sell soccer balls to City Soccer. The... Problem 9P Problem 10P Problem 11P: Blackmon Company provides locator services to the city transportation departments. Blackmons service... Problem 1C: Prior to ASU 2014-09 changing the principles underlying revenue recognition, companies recognized... Problem 2C: The first step in the revenue recognition process is determining if a contract is in place between... Problem 3C Problem 4C: One of the more difficult issues that companies face in recognizing revenue is determining the... Problem 5C Problem 6C: On October 1, 2019, Grahams WeedFeed Inc. signs a contract to maintain the grounds for BigData Corp.... Problem 7C: On January 1, 2019, Mopps Corp. agrees to provide Conklin Company 3 years of cleaning and janitorial... Problem 8C Problem 9C: Revenue for a company is recognized for accounting purposes when the customer obtains control over... Problem 10C format_list_bulleted
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,