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Micron Corp. has excess cash in its checking account and has decided that it's time to invest in stocks. They purchased 16,500 shares of Lift

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Micron Corp. has excess cash in its checking account and has decided that it's time to invest in stocks. They purchased 16,500 shares of Lift at $55.50 per share plus broker's fees for $220. How should Micron account for the $220 broker's fees? a) Record the fees as Investment Expenses -Income Statement b) Record the fees in the Securities Fair Value Adjustment account c) Record the fees as a debit to Investments in Common Stock d) Record the fees as a credit to Investments in Common Stock 9. Fulton Construction began work in 2019 on a construction project with a contract price of $7,500,000 Other details: Costs incurred to date Estimated costs to complete, as of December 31 Billings to date Cash Collections to date 2019 $1,600,000 4.800.000 1,400,000 1,200,000 2020 $3,840,000 2.560.000 4,800,000 3,850,000 Assume that Fulton uses the percentage-of-completion method of accounting, what should Fulton recognize as Profit for the year 2020? a. $385,000. b. $660,000 C. $275,000 d. $0 10. During the 4th quarter 2019 holiday season, Masey's recorded $100M in sales. Included in the $100M was $72M of gift card sales. Of the $72M in gift card sales, consumers purchased merchandise for $8.5M prior to yearend December 31, 2019. Under current accounting rules, what is Masey's recognized revenue for the 4h quarter 2019? a) $28,000,000 b) $36,500,000 c) $8,500,000 d) $80.500,000 Micron Corp. has excess cash in its checking account and has decided that it's time to invest in stocks. They purchased 16,500 shares of Lift at $55.50 per share plus broker's fees for $220. How should Micron account for the $220 broker's fees? a) Record the fees as Investment Expenses -Income Statement b) Record the fees in the Securities Fair Value Adjustment account c) Record the fees as a debit to Investments in Common Stock d) Record the fees as a credit to Investments in Common Stock Fulton Construction began work in 2019 on a construction project with a contract price of $7,500,000 Other details: 2019 2020 Costs incurred to date $1,600,000 Estimated costs to complete, as of December 31 $3,840,000 4.800,000 2,560,000 Billings to date 1,400,000 4,800,000 Cash Collections to date 1,200,000 3,850,000 Assume that Fulton uses the percentage-of-completion method of accounting, what should Fulton recognize as Profit for the year 2020? a. $385,000 b. $660,000 c. $275,000 d. $0 10. During the 4th quarter 2019 holiday season, Masey's recorded $100M in sales. Included in the $100M was $72M of gift card sales. Of the $72M in gift card sales, consumers purchased merchandise for $8.5M prior to yearend December 31, 2019. Under current accounting rules, what is Masey's recognized revenue for the 4th quarter 2019? a) $28,000,000 b) $36,500,000 c) $8,500,000 d) $80.500,000

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