Accounting Exam - Part 5. There are 5 questions. Please help me as this is due by 10PM tonight U.S. Pacific Time.

===================================================================== Question 21 Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $1,058,000, payment due at delivery. (b) Groupo sells goods on account to Grifols for $804,000, payment due in 30 days. (c) Groupo sells goods to Magnus for $455,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $417,200. Indicate the transaction price for each of these situations and when revenue will be recognized. (a) (b) $ Transaction Price (c) $ $ Revenue will be recognized ===================================================================== Question 22 On March 1, 2017, Cullumber Company sold goods to Goosen Inc. for $720,000 in exchange for a 5year, zero-interest-bearing note in the face amount of $1,213,242 (an inputed rate of 11%). The goods have an inventory cost on Cullumber's books of $433,000. (a) Prepare the journal entries for Cullumber on March 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1, 2017 (To record sales) (To record cost of goods sold) (b) Prepare the journal entries for Cullumber on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 ===================================================================== Question 23 On July 10, 2017, Culver Music sold CDs to retailers on account and recorded sales revenue of $743,000 (cost $638,980). Culver grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2017, retailers returned CDs to Culver and were granted credit of $78,900. Prepare Culver's journal entries to record (a) the sale on July 10, 2017, and (b) $78,900 of returns on October 11, 2017, and on October 31, 2017. Assume that Culver prepares financial statement on October 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No . Date Account Titles and Explanation (a) Jul. 10, 2017 (To record sales) (To record cost of goods sold) (b) Oct. 11, 2017 (To record sales returns) Debit Credit (To record cost of goods returned) Oct. 31, 2017 ===================================================================== Question 24 Classify the following items as (1) operating, (2) investing, (3) financing, or (4) significant noncash investing and financing activities, using the direct method. (a) Cash payments to employees. (b) Redemption of bonds payable. (c) Sale of building at book value. (d) Cash payments to suppliers. (e) Exchange of equipment for furniture. (f) Issuance of preferred stock. (g) Cash received from customers. (h) Purchase of treasury stock. (i) Issuance of bonds for land. (j) Payment of dividends. (k) Purchase of equipment. (l) Cash payments for operating expenses. ===================================================================== Question 25 Novak Corporation is preparing its 2017 statement of cash flows, using the indirect method. Presented below is a list of items that may affect the statement. Using the code below, indicate how each item will affect Novak's 2017 statement of cash flows. Code Letter Effect A Added to net income in the operating section D Deducted from net income in the operating section R-I Cash receipt in investing section P-I Cash payment in investing section R-F Cash receipt in financing section P-F Cash payment in financing section N Noncash investing and financing activity (a) Purchase of land and building. (b) Decrease in accounts receivable. (c) Issuance of stock. (d) Depreciation expense. (e) Sale of land at book value. (f) Sale of land at a gain. (g) Payment of dividends. (h) Increase in accounts receivable. (i) Purchase of available-for-sale debt investment. (j) Increase in accounts payable. (k) Decrease in accounts payable. (l) Loan from bank by signing note. (m) Purchase of equipment using a note. (n) Increase in inventory. (o) Issuance of bonds. (p) Redemption of bonds payable. (q) Sale of equipment at a loss. (r) Purchase of treasury stock. =====================================================================