Question
Please answer all three questions: 1. what is meant by faithful representation? a. all information is provided b. information is accurate c. Numbers and descriptions
Please answer all three questions:
1. what is meant by faithful representation?
a. all information is provided
b. information is accurate
c. Numbers and descriptions match what actually happened
d. infomration is reported the same way by different companies
2. On October 1, 2016, City Fuel Company sold 100,000 gallons of heating oil to Darn Co. at $3 per gallon. Fifty thousand gallons were delivered on December 15, 2016, and the remaining 50,000 gallons were delivered on January 15, 2017. payment terms were 50% due on October 1, 2016, 25% due on first delivery and the remaining 25% due on the second delivery. What amount of revenue should City recognize from the sale in 2017?
a. $75,000
b. $150,000
c. $225,000
d.$300,000
3. The following data relates to a construction job started by Zyle company during 2016: Total contract price--100,000, actual costs incurred during 2016--20,000, estimated remaining costs--40,000, billed to customers during 2016--30,000, received from the customer during 2016--10,00. assuming Zyle recognizes revenue over time according to the percentage of completion, how much should be recognized as gross profit in 2016?
a.26,667
b. 0
c. 13,333
d. 33,333
Please show me the math for each one... thank you
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started