Fill the details/instructions form and checkout for your essay - pro writers; top college graduates only in less than 5 mins, NO AI—Plagiarism-free!.
Posted: July 10th, 2023
Problem 1: You are the Senior Accountant for the Patty Corporation, which has several divisions. They each keep their own accounting books and have chosen the appropriate method of revenue recognition based on their operations. Pat’s Electronics DivisionPat’s Electronics Division sells computers through agents in various cities. Agents send orders and down payments to our company. The division then ships the goods F.O.B. shipping point directly to the customers. Revenue is recognized at the point of sale.Additional Financial DataOrders for fiscal year 2012 $ 3,000,000Down payments collected in 2012 $ 300,000Billed and shipped in 2012 $ 2,400,000Freight billed in 2012 $ 70,000Commissions paid to agents (after ship to customer)10%Warranty returns as % of sales1%Pickle Construction DivisionThe Pickle Construction Division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.Contract for new administration buildingTotal contract amount $ 60,000,000Contract grant dateAugust 14, 2012Construction beganSeptember 1, 2012Estimated cost to complete at beginning of contract $ 52,000,000Estimated time to complete project2 yearsAs of Dec 31, 2012Construction costs incurred to date $ 14,140,000Billings to date $ 19,500,000Expected costs to complete $ 36,360,000Peace Book Distribution DivisionPeace Book Distribution Division sells to national bookstores. Our division allows for up to 25% of sales in returns. For the past 4 years, returns have averaged 20%. We record revenue based on revenue recognition when the right of return exists.Total sales for 2012 $ 9,000,000Sales still available for return for six months $ 2,000,000Actual returns on sales not returnable21%2011 sales collected in 2012 $ 2,500,0002011 sales returned in 201219%Required:(a) We have studied several methods of revenue recognition. Define and describe each of the following methods of revenue recognition and indicate whether each is in accordance with generally accepted accounting principles. – Point of sale – Completion-of-production – Percentage-of-completion – Installment-sales(b) Calculate the revenue to be recognized in fiscal year 2012 for each division of Patty Corporation in accordance with generally accepted accounting principles. Show all calculations for full credit.Problem 2: Curiosity CompanyCuriosity Company provided the following financial information for its installment-sales for the current year.Financial DataInstallment sales for current year $ 800,000Cost of goods sold on installment basis $ 600,000Payments by customers $ 320,000Repossessed merchandise – unpaid balances $ 52,000Repossessed merchandise – estimated value $ 26,800Required:a) Prepare journal entries for the end of the year based on the information above.b) Prepare the entry to record the gross profit realized in the current year
Tags: Ace My Homework: Essay Help, Assignment Help: USA's #1 Online Assignment Writing Service, Do My Assignment for Me Online - Write Academic Papers, Reliable Online Homework Help For You, UK Homework Study Bay: Assignment Homework Help & Homework Answers, Write My Assignments AU - Online Assignment Maker - Writing ServicesEvery student wants the best grades and that’s our Focus
Our team consists of outstanding writers who have specialized knowledge in specific subject areas and professionals experienced in academic research writing. They hold at least a graduate degree—230 with Masters and MSN qualifications, experts carefully selected and trained to ensure the best quality of our work. .
We’re dedicated to bringing on board top-notch writers who can provide excellent work at prices that make sense for college students; affordable papers. Our goal? To give you the best bang for your buck without ever compromising on the quality of our essay writing services—or the content of your paper. #Don’t forget to use the DISCOUNT code in the COUPONS section of the order form before you pay!.
The service guarantees that our final work is 100% original, rearched and human written expertly. We are committed to delivering plagiarism-free and AI-free work to each university/college student's 'write my paper' request. To uphold this promise, we check every draft for any possible instances of duplication, wrong citation, grammar errors and artificiality before we send it to you. Thus, you can always rely on us to write genuine and high-standard content for your essay assignments.
When you trust to place an order with Homework Ace Tutors, here is what happens: