Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, I would like the answer of the question, not a solution. I am in a hurry, so quick response will be appreciated. Thank you.

Hi, I would like the answer of the question, not a solution. I am in a hurry, so quick response will be appreciated. Thank you.

image text in transcribed

Question 3 (1 point) Listen On March 1, Pendant Textbook Publications delivered 100 copies of one of its accounting textbooks to the First University bookstore. The bookstore can return all unsold copies to Pendant. The retail price of each copy is $110, while the price charged to the bookstore is $80. Each book costs Pendant $40 to produce. On April 15, the distributor returns 30 unsold copies to Pendant. Based on these facts, how much revenue would Pendant recognize on April 15? A) $5,600 B) $7,700 OC) $2,400 D) $2,800 Question 4 (1 point) Listen Why is there risk of earnings overstatement in accounting for construction contracts? A) Significant professional judgment is required to make estimates used in the calculations. B) Percentage of completion method reduces the potential for earnings management, manipulation and errors. Oc) Allocation of revenue and expenses between two or more periods simplifies the accounting D) The long term nature of such contracts makes them a low risk area

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

2001 Miller Audit Procedures Miller Engagement

Authors: George Georgiades

1st Edition

0156071940, 978-0156071949

More Books

Students also viewed these Accounting questions