1.Belcalis Almanzar, Inc., manufactures and sells sports equipment, and has a fleet of forklifts it uses in its warehouses to store and retrieve finished goods. On June 30, 2020, Almanzar sold a used forklift it no longer needed, which at the time had a book value that had been depreciated down to zero. Almanzar received $5,000 cash from the buyer. What should Almanzar record for this sale in its second-quarter income statement?

A.$5,000 revenue B.$5,000 expense C.$5,000 gain D.$5,000 loss

2.A customer of Ashley Frangipane Corp. ordered merchandise on June 17, 2020. The customer agreed to pay Frangipane $3,000 for the merchandise, which included delivery. Frangipane shipped the merchandise on June 30, and it was delivered to the customer on July 3. The customer paid the $3,000 in cash on July 14. When should Frangipane record the $3,000 in revenue for this sale?

A.June 17

B.June 30

C.July 3

E.July 14

D.November 15 (just to be safe)

3.On Dec. 31, 2020, a customer of Chancelor Johnathan Bennett, Inc., called to order a shipment of 1,000 items. Although Bennett has not yet finished producing the items, the customer preferred to make the purchase during 2020 for budgetary reasons and immediately wired the $10,000 purchase price. Can Bennett recognize the $10,000 in revenue during 2020? A.Yes B.No

4.Onika Maraj Corp. rents its corporate offices for $20,000 per month, but is required to prepay rent one year in advance. Maraj paid $240,000 cash on January 1, 2020, which covered rent for the entire 2020 calendar year. How much rent expense will Maraj report in its first-quarter income statement, ending March 31, 2020? (just enter the number, without any commas or a dollar sign)

5.Stefani Joanne Angelina Germanotta, Inc., is a retailer that sells kitchen appliances. On Dec. 30, 2020, a customer stopped by Germanottas store to order a $750 dishwasher and paid cash. Germanotta will deliver the dishwasher to the customer on Jan. 15, 2021. What should Germanotta record for this transaction in its 2020 financial statements? Group of answer choices

A.$750 in revenue on the income statement B.$750 expense (cost of goods sold) on the income statement C.$750 liability (unearned revenue) on the balance sheet D.$750 asset (prepaid expense) on the balance sheet E.$750 equity (contributed capital) on the balance sheet

6.Katheryn Hudson Corp. hired an employee on November 1, 2020. The employee will be paid an hourly wage of $20. The employee worked 120 hours during November and was paid $2,400 on December 7. The employee worked 150 hours during December and will be paid $3,000 on January 7, 2021. How much in wages expense for this employee will Hudson report in its fourth-quarter income statement, ending December 31, 2020? (just enter the number, without any commas or a dollar sign)

7.In 2020, Abel Tesfaye Corp. began a three-year, long-term construction project that qualified for revenue recognition over time. Tesfayes customer agreed to pay $900,000. By the end of 2020, Tesfaye had spent $100,000 on the project and expected to spend an additional $400,000 over the next two years. Tesfaye measures progress toward completion based on costs incurred. How much revenue will Tesfaye report on the project in its 2020 income statement? (just enter the number, without any commas or a dollar sign)

8.During 2020, Marshall Mathers Corp. offered customers a $20 cash rebate on purchases over $200. At the time of any purchase over $200, customers can choose to provide their address to Mathers. Those who do will receive a $20 prepaid debit card in the mail within 60 days. By the end of 2020, Mathers had sales totaling $240,000, and 800 customers applied for rebates totaling $16,000. By the end of 2020, $10,000 in debit cards had been mailed, and the remaining $6,000 in debit cards will be mailed in January 2021. How much should Mathers recognize as revenue in its 2020 income statement? (just enter the number, without any commas or a dollar sign)

9.In January 2020, Jacques Webster, Inc., began selling guitars with a 60-day return policy for $100 each. Webster sold 250 guitars in the first quarter of 2020 (Q1). At the end of Q1, 15 of the 250 items had already been returned and Webster expected that 10 more would be returned during Q2 (i.e., 25 returns in total). How much net revenue (i.e., net of returns) should Webster report in its income statement in Q1? (just enter the number, without any commas or a dollar sign)

10.On October 1, 2020, Austin Post Security Consultants signed a contract with a customer to provide surveillance equipment and consulting on security practices. The price for the equipment is $80,000, and the consulting services are priced at a potential fee of $40,000, of which $30,000 is fixed and $10,000 is contingent on the customers reducing its rate of loss from theft by 25% within one year. In other words, if the customers security improves as promised, then Post will be paid a total of $120,000 for the equipment and consulting. Otherwise, Post will be paid only $110,000. Post believes there is a 70% chance that it will be entitled to the $10,000 contingent fee. Post delivered the equipment and provided the consulting services during November 2020. How much revenue from this sale will Post recognize its fourth-quarter income statement? (just enter the number, without any commas or a dollar sign)