ACCT 304 DEVRY WEEK 4 COMPLETE WORK LATEST
ACCT 304 DeVry Week 4 Complete Work Latest
ACCT 304 DeVry Week 4 DQ 1 Revenue Recognition
When a company sells a product for cash, it generally recognizes the revenue. However, there are situations when it is not always clear when a company should recognize the revenue. How do you handle a car dealership that sells a warranty contract to its customers for $650 that will cover the next 5 years?
This section lists options that can be used to view responses.
ACCT 304 DeVry Week 4 DQ 2 Time Value of Money Concepts
You might think of the “time value of money” to be a topic for Finance class, but accountants need an understanding of this topic as well. Let’s discuss where/why an accountant may need to use these skills/calculations.
ACCT 304 DeVry Week 4 Quiz
(TCO 5) Bert’s Meat Market sells quarters and sides of beef on an installment basis. Losses on receivables are very difficult to predict, and meat products cannot be repossessed. The revenue recognition method used by Bert would be
point of sale.
Both B and C are correct.
Question 2. Question : (TCO 5) On December 15, 2011, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with ACCT304 the balance in two equal, annual installments, payable on December 15, 2012 and December 15, 2013. Ignore interest charges. Rigsby has a December 31 year-end. In 2011, Rigsby would recognize the realized gross profit of
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