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Accounting Expert Answers & Study Resources : Page 152

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8) Yang Construction Company entered into a contract to build a new airport terminal for $2,500,000. Construction commenced on August 1, 2011, with a planned completion date of December 31, 2013. A summary of the costs, billings, and collections is provided below:   2011 2012 2013 Costs incurred during the year 500,000 700,000 1,100,000 Estimated costs to complete at.

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  • 8) Yang Construction Company entered into a contract to build
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62) Beebo Ltd. provides for doubtful accounts based on 6% of credit sales. The following data are available for 2012. Credit sales during 2012 $3,550,000 Allowance for doubtful accounts, Jan 1, 2012 59,000 Cr Collection of accounts written off in prior years 3,500 Customer accounts written off as uncollectible during 2012 37,000 How much should the balance in the.

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  • 62) Beebo Ltd. provides for doubtful accounts based 6% of
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11) What journal entry is required when inventory is sold during the year under the perpetual inventory system? A) Dr Cost of goods sold Cr Inventory B) Dr Cost of goods sold Cr Inventory Cr Purchases C) No Journal Entry is made D) Dr Purchases Cr Accounts Payable 12) Compare the perpetual inventory control system and the periodic inventory control system. Which system.

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  • 11) What journal entry required when inventory sold during the
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69) The accounting records of 10Com Ltd. show the following for 2012: Accounts receivable, Jan. 1, 2012 $55,000 Accounts receivable, Dec. 31, 2012 85,000 Allowance for doubtful accounts, Jan. 1, 2012 6,300 Bad debt expense before year end adjusting or closing entries, Dec 31, 2012 3,400 Dr * Customer accounts written off as uncollectible during 2012 5,550 ** *The credit side.

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  • 69) The accounting records of 10Com Ltd. show the following
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2) Soorya Inc. had the following balances for fiscal 2012. Jan 1, 2012 Dec 31, 2012 Accounts receivable 2,500,000 2,000,000 Allowance for doubtful accounts 125,000 unknown Additional information on 2012 transactions: Q1 Q2 Q3 Q4 Sales -Cash 100,000 200,000 150,000 250,000 -Credit 500,000 700,000 600,000 800,000 -Discounts given (only on credit sales) 25,000 40,000 35,000 50,000 Bad debts -write-offs 15,000 10,000 20,000 5,000 -collection on previously written off accounts 10,000 0 5,000 20,000 Here is an aging of the accounts receivable: Days outstanding Accounts receivable balance @ Jan 1, 2012 Accounts receivable balance @.

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  • 2) Soorya Inc. had the following balances for fiscal 2012. Jan
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1) Khanna Inc. had the following transactions, information and balances in its accounting records for fiscal 2011: (CAD = Canadian dollars; USD = U.S. dollars)     Balance in CAD at December 31, 2012 Post dated cheque from Delhi Holdings 10,500 Certified cheque from Bora Corp. 9,200 Stamps on hand 2,000 USD chequing account at Bank National 110,000 CAD chequing account at Bank.

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  • 1) Khanna Inc. had the following transactions, information and balances
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6) ACME is investing in a new heavy oil rig operation in northern Alberta. ACME has hired Max Contractors to construct the facilities. The contract price is $4,450 million to be completed over four years. The following information pertains to this construction contract. (all amounts in $millions) Year 1 Year 2 Year 3 Year 4 Cumulative.

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  • 6) ACME investing in a new heavy oil rig operation
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19) What amount will be included in "cash and cash equivalents"? Treasury bills maturing in 10 days $12,000 Four-month U.S. term deposit 18,000 Bonds of a publicly traded U.S. company 10,000 U.S. treasury bill maturing in 120 days 24,000 A) $0 B) $12,000 C) $36,000 D) $64,000 20) What amount will be included in "cash and cash equivalents"? Euro treasury bills maturing in 140.

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  • 19) What amount will be included in "cash and cash
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