AC 302

AC 302 WEEK 7 Exercise 21 Question 4 Your answer is partially correct Castle Leasing Company signs a lease agreement on January 1, 2014, to lease electronic equipment to Jan Way Company. The term of the noncancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Jan Way has the option to purchase the equipment for $16,990 upon termination of the lease. 2. T

AC 302 WEEK 2 Exercise 18A 22 On January 1, 2014, Gordon Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base in exchange for $3,180. The contract requires delivery of the base first but states that payment for the base will not be made until the shelving unit is delivered. Gordon identifies two performance obligations and allocates $1,272 of the transaction price to the wiring base and the remainde

AC 302 WEEK 2 Problem 18A 10 Shanahan Construction Company has entered into a contract beginning January 1 2014 to build a parking complex. It has been estimated that the complex will cost $540,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $810,000. The following data pertain to the construction period. 2014 2015 2016 Costs to date $243,000 $405,000 $549,000 Estimated costs to complete

AC 302 Quiz -Cost estimates at the end of the second year indicate that a loss will result on completion of the entire contract. Which of the following statements is correct? Under the completed-contract method, the loss is not recognized until the year the construction is completed. Under the percentage-of-completion method, the gross profit recognized in the first year must not be changed. Under the completed-contract method, whe

AC 302 CHAPTER 9 PROBLEM 2 Name Date Instructor Course Intermediate Accounting 14th Edition by Kieso Weygandt and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse P9-2 (Lower-of-Cost-or-Market) Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes in northern New Jersey and southern New York. The company i

AC 302 CHAPTER 9 QUESTION 1 Name Date Instructor Course Intermediate Accounting 14th Edition by Kieso Weygandt and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E9-1 (Lower-of-Cost-or-Market) The inventory of Oheto Company on December 31, 2013, consists of the following items. Part No. Quantity Cost Per Unit Cost to Replace per Unit 110 600 $95 $100.00 111 1,000

AC 302 CHAPTER 8 QUESTION AND PROBLEMS Exercise 8 QUESTION 2 Name Date Instructor Course Intermediate Accounting 14th Edition by Kieso Wetland and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E8-2 (Inventoriable Costs) In your audit of Garza Company, you find that a physical inventory on December 31, 2012, showed merchandise with a cost of $441,000 was on hand at that

AC 302 CHAPTER 302 PROBLEM QUESTION 4 Name Date Instructor Course Intermediate Accounting 14th Edition by Kieso Weygandt and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse P8-4 (Compute FIFO, LIFO, and Average Cost) Hull Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales Quantity: Unit Cost:

AC 302 CHAPTER 8 QUESTION 9 Name Date Instructor Course Intermediate Accounting 14th Edition by Kieso Weygandt and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E8-9 (Periodic versus Perpetual Entries) Chippewas Company sells one product. Presented below is information for January for Chippewas Company. Jan 1 Inventory 100 units at $6.00 each Jan 4 Sale 80 units at $8.00

AC 302 CHAPTER 8 QUESTION 2 Name Date Instructor Course Intermediate Accounting 14th Edition by Kieso Weygandt and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E8-2 (Inventoriable Costs) In your audit of Garza Company, you find that a physical inventory on December 31, 2012, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following it