Business, 03.07.2020 17:01 ethanw7327
On April 1 of year 0 Stephanie received a $9,000 payment for full payment on a three-year service contract (under the contract Stephanie is obligated to provide advisory services for the next three years). (Leave no answers blank. Enter zero if applicable.)
a.) What amount of income should Stephanie recognize in year 0 if she uses the accrual method of accounting? (She recognized $2,250 for financial accounting purposes.)
b.) What amount of income will Stephanie recognize in year 1 if she uses the accrual method of accounting?
c.) What amount of income will Stephanie recognize in year 2 if she uses the accrual method of accounting?
d.) What amount of income will Stephanie recognize in year 0 if she recognizes $5,000 of income from the contract for financial statement purposes?
Answers: 2
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Titus manufacturing, inc. provided the following information for the year: purchases - direct materials $91,000 plant utilities and insurance 68,000 indirect materials 11,170 indirect labor 4270 direct materials used in production 99,000 direct labor 117,500 depreciation on factory plant & equipment 4000the inventory account balances as of january 1 are given below. direct materials $44,000 work-in-progress inventory 10,000 finished goods inventory 50,000what is the ending balance in the direct materials account? $135,000 $36,000 $110,170 $6000
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On April 1 of year 0 Stephanie received a $9,000 payment for full payment on a three-year service co...
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