Luge Co., which began operations on January 2, Year 1, appropriately uses the installment sales method of accounting. The following information is available for Year 1:Installment accounts receivable, December 31, Year 1USD800,000Deferred gross profit, December 31, Year 1(before recognition of realized gross profit for Year 1)560,000Gross profit on sales40%For the year ended December 31, Year 1, cash collections and realized gross profit on sales should be:
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .A CPA firm would be reasonably assured of meeting its responsibility to provide services that conform with professional standards by:
A Adhering to generally accepted auditing standards. B Having an appropriate system of quality control. C Maintaining an attitude of independence in its engagements. D Joining professional societies that enforce ethical conduct.
2 .Roro, Inc. paid USD7,200 to renew its only insurance policy for three years on March 1, Year 5, the effective date of the policy. At March 31, Year 5, Roro's unadjusted trial balance showed a balance of USD300 for prepaid insurance and USD7,200 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in Roro's financial statements for the three months ended March 31, Year 5?
A Prepaid insuranceUSD7,000; Insurance expense USD500 B Prepaid insuranceUSD7,000; Insurance expense USD300 C Prepaid insuranceUSD7,200; Insurance expense USD300 D Prepaid insuranceUSD7,300; Insurance expense USD200
3 .Gray Co. was granted a patent on January 2, Year 1, and appropriately capitalized USD45,000 of related costs. Gray was amortizing the patent over its estimated useful life of fifteen years. During Year 4, Gray paid USD15,000 in legal costs in successfully defending an attempted infringement of the patent. After the legal action was completed, Gray sold the patent to the plaintiff for USD75,000. Gray's policy is to take no amortization in the year of disposal. In its Year 4 income statement, what amount should Gray report as gain from sale of patent?
A USD24,000 B USD39,000 C USD27,000 D USD15,000
4 .During the current year, Orr Co. incurred the following costs:Research and development services performed by Key Corp. for OrrUSD150,000Design, construction, and testing of preproduction prototypes and models200,000Testing in search for new products or process alternatives175,000In its current year income statement, what should Orr report as research and development expense under U.S. GAAP?
A USD200,000 B USD350,000 C USD525,000 D USD150,000
5 .Goodwill should be tested for impairment at which of the following levels under IFRS?
A Each reporting unit. B Entire business as a whole. C Each acquisition unit. D Each cash-generating unit.
7 .Slate Co. and Talse Co. exchanged similar plots of land with fair values in excess of carrying amounts in an exchange that lacks commercial substance under U.S. GAAP. In addition, Slate received cash of less than 10% of the total consideration received from Talse to compensate for the difference in land values. As a result of the exchange, Slate should recognize:
A A gain equal to the difference between the fair value and the carrying amount of the land given up. B A loss in an amount determined by the ratio of cash received to total consideration. C A gain in an amount determined by the ratio of cash received to total consideration. D Neither a gain nor a l...
8 .Chang Import/Export has numerous international subsidiaries throughout Asia that rely upon both the U.S. dollar and local currencies to sustain their operations. For the year ended December 31, Chang experienced a remeasurement loss of USD40,000 and a translation gain of USD25,000. As a result of these conversions, accumulated other comprehensive income would display:
A USD25,000 gain. B USD0. C USD40,000 loss. D USD15,000 loss.
9 .Which of the following is not a common modification used to prepare modified cash basis financial statements?
A Recognizing revenues when earned. B Accrual of income taxes. C Recording long-term liabilities. D Capitalizing inventory.
10 .Quinn is preparing a personal statement of financial condition as of April 30. Included in Quinn's assets are the following:50% of the voting stock of Ink Corp. A stockholders' agreement restricts the sale of the stock and, under certain circumstances, requires Ink to repurchase the stock. Quinn's tax basis for the stock is USD430,000, and at April 30, the buyout value is USD675,000.Jewelry with a fair value aggregating USD70,000 based on an independent appraisal on April 30, for insurance purposes. This jewelry was acquired by purchase and gift over a 10-year period and has a total tax basis of USD40,000.What is the total amount at which the Ink stock and jewelry should be reported in Quinn's April 30 personal statement of financial condition?
A USD470,000 B USD715,000 C USD500,000 D USD745,000
