(TCO 5) For a typical manufacturing company, the most common
critical point for recognizing revenue is the date
an order is received.
production is completed.
the product is delivered.
payment is received.
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 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
$500,000.
$0.
$900,000.
$100,000.
Question 3. Question
:
(TCO 6) Present and future value tables of $1 at 3% are
presented below:
Carol wants to invest money in a 6% CD account that
compounds semiannually. Carol would like the account to have a balance of
$50,000 5 years from now. How much must Carol deposit to accomplish her goal?
$35,069
$43,131
$37,205
$35,000
Comments:
Question 4. Question
:
(TCO 6) Sondra deposits $2,000 in an IRA account on April
15, 2011. Assume the account will earn 3% annually. If she repeats this for the
next 9 years, how much will she have on deposit on April 14, 2020?
$20,600
$20,928
$23,616
$24,715
Question 5. Question
:
(TCO 6) Jose wants to cash in his winning lottery ticket. He
can either receive five, $5,000 annual payments starting today, or he can
receive a lump-sum payment now based on a 3% annual interest rate. What is the
present value of the installments if he opts for the lump sum payment?
$22,899
$21,565
$23,000
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