How much is the Gross Profit/Loss Realized in 2019?
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Q: 1. What is the total effect of the errors on the 2020 net income?
A: As per our protocol we provide solution to the one question only but you have asked three multiple…
Q: How much is the Gross Profit/Loss Realized in 2019?
A: A company has to recognize revenue and expenses in the year they are earned and incurred,…
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A: Borrowing cost means where the assets like building , take substantial time to build , then interest…
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A: After tax cash flow: It can be defined as the cash generated by a business from its main operations…
Q: 3. What is the compensation expense in 2021?
A: Compensation Expense= Compensation Expense are Expenses made in exchange for services rendered…
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Q: What is Jensen's AGI for the current year?
A: CORRECT OPTION : D
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A: Step 1 Investment in associate when investment in another entity holding its equity from 20% to 50%.
Q: reported as gross pro 31, 2021?
A: The inventory is given as,
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Q: how much is the gross profit to be recognized in 2023?
A: Gross profit recognized in 2023= total Gross profit - gross profit in 2022.
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A: Unearned revenues are those revenues which are received in advance by the business, but has not been…
Q: How much should be reported as Administrative expense for 2020?
A:
Q: Find Interest Expense 2019:
A: Interest expense is a financial statement line item which is debited to profit/loss account.
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Q: year period. Calculate acrual net income for the year.
A:
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A: Any increase or decrease in investment is an increase or decrease in revenue of the company and has…
Q: What is the Gross Profit Rate in 2019?
A: Gross profit rate = Gross profit/Revenue
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A: The present scenario is defined under Define Benefit Plans of Post employment Benefits para in IAS…
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Q: y stamp taxes ntage taxes cal business taxes paid in 2019 due for 2020
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Q: what amount should be reported as interest expense for 2021?
A: Borrowing cost means where the assets like building , take substantial time to build , then interest…
Q: Reported income taxes on its recently ended year (2021), income statement. Its balance sheet…
A: Cash payments are shown in cash flow statements as outflows. It shows how much cash is being used in…
Q: Compute the gross income for 2019 assuming a FIFO.
A:
Q: How much is the net income in 2021?
A: Net income refers to the income amount or value which is earned through the business or entity…
Q: Prepare the balance sheet for 2019
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How much is the Gross
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- On March 1, 2019, Elkhart enters into a new contract to build a specialized warehouse for 7 million. The promise to transfer the warehouse is determined to be a performance obligation. The contract states that if the warehouse is usable by November 30, 2019, Elkhart will receive a bonus of 600,000. For every week after November 30 that the warehouse is not usable, the bonus will decrease by 150,000. Elkhart provides the following completion schedule: Required: 1. Assume that Elkhart uses the expected value approach. What amount should Elkhart use for the transaction price? 2. Assume that Elkhart uses the most likely amount approach. What amount should Elkhart use for the transaction price? 3. Next Level What is the purpose of assessing whether a constraint on the variable consideration exists?On January 1, 2019, Mopps Corp. agrees to provide Conklin Company 3 years of cleaning and janitorial services. The contract sets the price at 12,000 per year, which is the normal standalone price that Mopps charges. On December 31, 2020, Mopps and Conklin agree to modify the contract. Mopps reduces the fee for the third year to 10,000, and Conklin agrees to a 4-year extension that will extend services through December 31, 2024, at a price of 15,000 per year. At the time that the contract is modified, Mopps is charging other customers 13,500 for the cleaning and janitorial service. Required: Should Mopps and Conklin treat the modification as a separate contract? If so how should Mopps account for the contract modification on December 31, 2020? Support your opinion by discussing the application to this case of the factors that need to be considered for determining the accounting for contract modifications.Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.