A company provides the following information: Year 1 Year 2 Year 3 Cash receipts from customers: From Year 1 sales USD95,000 USD120,000 From Year 2 sales 200,000 USD75,000 From Year 3 sales 50,000 225,000 What is the accrual-based revenue for Year 2?
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2 .CPA-05118Which of the following statements concerning the impairment of fixed assets under U.S. GAAP is true?I. Impairment losses are shown on the income statement net of tax.II. The test for recoverability compares the present value of all expected future cash flows produced by the fixed asset to its carrying value.III. To determine the amount of any impairment loss, fair value must be used.
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3 .CPA-00401When should a lessor recognize in income a nonrefundable lease bonus paid by a lessee on signing an operating lease?
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5 .CPA-00513On December 1, Year 1, Tigg Mortgage Co. gave Pod Corp. a USD 200,000, 12% loan. Pod received proceeds of USD 194,000 after the deduction of a USD 6,000 nonrefundable loan origination fee. Principal and interest are due in 60 monthly installments of USD 4,450, beginning January 1, Year 2. The repayments yield an effective interest rate of 12% at a present value of USD 200,000 and 13.4% at a present value of USD 194,000. What amount of accrued interest receivable should Tigg include in its December 31, Year 1, balance sheet?
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