How much total revenue should be recognized on this sale in


Question 1

Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; and interest expense $45,000. Brisky's tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2014. Prepare a single-step income statement for the year ended December 31, 2014. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Question

Accumulated Depreciation-Equipment

Administrative Expenses

Bad Debt Expense

Cost of Goods Sold

Delivery Expense

Depreciation Expense

Entertainment Expense

Equipment

Extraordinary Item-Casualty loss

Extraordinary Item-Gain on Sale of Plant

Extraordinary Item-Loss from Earthquake Damage

Income Tax Expense

Interest Expense

Interest Revenue

Maintenance and Repairs Expense

Miscellaneous Selling Expenses

Mortgage Payable

Net Sales

Office Expense

Other Administrative Expenses

Property Tax Expense

Rent Revenue

Salaries and Wages Expense

Salaries and Wages Payable

Sales Commission

Sales Discounts

Sales Returns and Allowances

Sales Revenue

Selling Expenses

Telephone and Internet Expense

Travel Expense

Question 2

Finley Corporation had income from continuing operations of $10,600,000 in 2014. During 2014, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2014. Finley had 10,000,000 shares of common stock outstanding during 2014. Prepare a partial income statement for Finley beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Question 3

Portman Corporation has retained earnings of $675,000 at January 1, 2014. Net income during 2014 was $1,400,000, and cash dividends declared and paid during 2014 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2014. (List items that increase retained earnings first.)

Question 4

Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2014, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000.

Prepare the journal entry to record this transaction on January 2, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

How much total revenue should be recognized on this sale in 2014?

Question

Accounts Receivable

Advertising Expense

Allowance for Sales Returns and Allowances

Billings on Construction in Process

Cash

Commission Expense

Construction in Process

Construction Expenses

Cost of Goods Sold

Cost of Installment Sales

Deferred Gross Profit

Delivery Expense

Discount on Notes Receivable

Freight-Out

Gain on Repossession

Income Summary

Installment Accounts Receivable

Installment Sales Revenue

Inventory

Inventory on Consignment

Loss from Long-Term Contracts

Loss on Repossession

Materials, Cash, Payables

Notes Receivable

Operating Expenses

Purchases

Realized Gross Profit

Repossessed Merchandise

Retained Earnings

Revenue from Consignment Sales

Revenue from Franchise Fees

Revenue from Long-Term Contracts

Sales Discounts

Sales Discounts Forfeited

Sales Returns and Allowances

Sales Revenue

Unearned Franchise Fees

Unearned Service Revenue

Question 5

Jansen Corporation shipped $20,000 of merchandise on consignment to Gooch Company. Jansen paid freight costs of $2,000. Gooch Company paid $500 for local advertising, which is reimbursable from Jansen. By year-end, 60% of the merchandise had been sold for $21,500. Gooch notified Jansen, retained a 10% commission, and remitted the cash due to Jansen.

Prepare Jansen's entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Question

Accounts Receivable

Advertising Expense

Allowance for Sales Returns and Allowances

Billings on Construction in Process

Cash

Commission Expense

Construction in Process

Construction Expenses

Cost of Goods Sold

Cost of Installment Sales

Deferred Gross Profit

Delivery Expense

Discount on Notes Receivable

Freight-Out

Gain on Repossession

Income Summary

Installment Accounts Receivable

Installment Sales Revenue

Inventory

Inventory on Consignment

Loss from Long-Term Contracts

Loss on Repossession

Materials, Cash, Payables

Notes Receivable

Operating Expenses

Purchases

Realized Gross Profit

Repossessed Merchandise

Retained Earnings

Revenue from Consignment Sales

Revenue from Franchise Fees

Revenue from Long-Term Contracts

Sales Discounts

Sales Discounts Forfeited

Sales Returns and Allowances

Sales Revenue

Unearned Franchise Fees

Unearned Service Revenue

Question 6

Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $4,000 of prepaid cards in January 2014. It then pays TeleExpress based on usage, which turns out to be 50% in February, 30% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is $3,000.

Indicate how much income Telephone Sellers should recognize in January, February, March, and April.

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Financial Accounting: How much total revenue should be recognized on this sale in
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