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PLease see attached questions Question 1: In each of the following situations, determine the month in which the business should recognize the revenue: A. On
PLease see attached questions
Question 1: In each of the following situations, determine the month in which the business should recognize the revenue: A. On June 5, Jacquie Monahan, an editor, received an advance from a publisher. She performed the work during the period July 8 through July 22. On August 9, Jacquie sent the publisher an accounting of her hours. B. On February 27, Paul's Plumbing placed an advertisement with the Kansas City Tribune. The full page ad ran during the week of March 15-22. The Tribunebilled Paul's Plumbing for the ad on March 7, with payment terms of n/30. Payment was received by the Tribune on April 4. C. On November 25, Bookworm, Inc., sold an encyclopedia to Children's Learning Center on account. Payment was due on December 25 but was not received until January 15. Question 2: In each of the following situations, determine the dollar amount of the revenue to be recognized: A. Metric Corporation received $10,000 from a customer as a deposit on a special order. B. Pearldine, Inc., shipped a machine to a customer and billed the customer for the remaining amount owed, $30,000. The customer had made a deposit of $8,000 two weeks prior to shipment date C. Catherine Dole, a doctor, received $200 in copayments from various patients during the month. She also billed several insurance companies $3,500 for services rendered to these patients. The insurance companies usually pay within 60 days of receipt of the bills. Question 3: A review of the financial statements of Micromania, Inc., revealed a beginning and ending Allowance for Uncollectible Accounts balance of $32,500 and $28,600 respectively. If the uncollectible account expense for the period was $15,530, what was the total dollar amount of accounts written off during the period? Question 4: The following information is taken from the records of the Perry Company. Perry uses a perpetual inventory system. Date Transaction Number of Units Unit Cost May 1 Beginning inventory 28 $5.00 4 Sale 10 12 Purchase 18 4.00 16 Sale 6 21 Sale 14 25 Purchase 8 3.00 31 Sale 17 Determine the cost of goods sold for the month using FIFO and LIFO cost flow assumptions. How many units are in ending inventory and what is the cost of ending inventory under each assumption? Question 5: Manley Company planned to sell 140,000 units this year at $6.00 per unit. Actual results indicate that 142,000 units were sold at $6.25 per unit. What are the sales price and sales quantity variancesStep by Step Solution
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