Fife & Company, a public corporation offering accounting services to low income clients has the following transactions in their second year of business.

The beginning balances were: Cash: $36,000; Accounts Receivable: $22,000; Supplies: $1,900; Prepaid Rent: $0; Office Equipment: $8,000; Organization Costs: $0; Accounts Payable: $14,000; Common Stock: $11,000; Service Revenue: $0

Post the journal entries to the ledger using "T" accounts.

McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below:

                                                                        2017                2018

Costs incurred during the year                           $1,500               $1,300

Estimated costs to complete                                1,200                        0

Billings during the year                                      1,200                  1,300

Cash collections during the year                          1,000                  1,500

1. Compute the amount of revenue and gross profit recognized during 2017 and 2018.

2. Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar.

3. Assume that McCombs recognizes revenue upon project completion according to the percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, and profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar.

McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below:

                                                                        2017                2018

Costs incurred during the year                           $1,500               $1,300
Estimated costs to complete                                1,200                        0
Billings during the year                                      1,200                  1,300
Cash collections during the year                          1,000                  1,500

1.Compute the amount of revenue and gross profit recognized during 2017 and 2018.

2.Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar.

3.Assume that McCombs recognizes revenue upon project completion according to the percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, and profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar.

Accounting - the principle of auditing

I need to know how you get the answer, please.

1) explain when revenue was earned in each of the following independent situations:

a. on a February 28, a farmer went to local seed supply store and ordered 600 Kg of seed and promises to pay.

on March 2, the framer was informed that the seeds have arrived at the seed store. on the same day, the farmer went

to the store, paid for the seed and took it home with him.

When should the seed store recognize revenue from the sale of seed in its books?

what is the point of sale? explain why?

b. On June 20, 2015, a student sent a $200 deposit to University College London(UCL)

ti make sure he will have a place in the college for the year starting fall 2015. the (UCL)

has a fiscal year ( financial year) ending June 30. The student enrolled at UCL on August

15, 2015. when should UCLrecognize the $200 as revenue received from the student?

What is the point of sale? Explain Why?

On January 1, 2021, Red Flash Photography had the following balances: Cash, $23,000; Supplies, $9,100; Land, $71,000; Deferred Revenue, $6,100; Common Stock $61,000; and Retained Earnings, $36,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $31,000. 2. May 20 Provide services to customers for cash, $46,000, and on account, $41,000. 3. August 31 Pay salaries to employees for work in 2021, $34,000. 4. October 1 Paid for one year's rent in advance, $23,000. 5. November 17 Purchase supplies on account, $33,000. 6. December 30 Pay dividends, $3,100. The following information is available on December 31, 2021: Employees are owed an additional $5,100 in salaries. Three months of the rental space has expired. Supplies of $6,100 remain on hand. All of the services associated with the beginning deferred revenue have been performed.

I just need the closing entries for the revenue accounts, the expense accounts and the dividends accounts

Sony

Very few companies can claim to be globally successful, but Sony, which brought us the Walkman and co-developed the CD and the DVD, has the numbers to prove it. In 2009, the company’s $76.361 billion in revenues were evenly distributed across mainly three markets: Japan, the United States, and Europe.

Headquartered in Japan, Sony is best known for its high- quality consumer electronics, which account for 61 percent of total revenues, but the firm also produces games, music, and pictures. Consumers might not own a Sony electronic system, but the movie they watched last night or the CD they listen to while jogging may be the intellectual property of a Sony company. Sony’s strategy boils down???? to product electrical gadgets?????? and controlling the content that goes through them much in the same way as its successful PlayStation 2 game console?????provides the hardware necess- ary for the firm to capture the games market.

In the 1980s, Sony’s Betamax lost the VCR war to JVC’s???????? VHS????????. Both systems had been developed in the mid- 1970s and initially Sony’s Betamax was the clear winner. Indeed, all movies were originally released in Betamax format. General wisdom argues that Betamax lost the VCR war because it failed to license its software to rival manufacturers while Matsushita licensed to all. Today, the Betamax–VHS battle is often cited to argue the benefits of licensing new technology.

Yet, how could Sony have been so reckless as to ignore the benefits of licensing? The answer is that it did not. In 1974, a year before the Betamax release, Sony approached JVC and Matsushita seeking to reach an agreement on standards for the new product. In doing so, it freely dis- closed Betamax’s patented specification and technology to its rivals. The VHS format developed by JVC used very similar technology, but, because of its different size, was incompatible with Betamax. Matsushita????was asked to choose between Sony’s and JVC’s product. Its decision came down to cost. It was cheaper to produce the VHS format because it had fewer components. With this, the players for the market were defined. The Betamax was to be manufactured by Toshiba, Sanyo Electric, NEC, Aiwa, and Pioneer. Matsushita, Hitachi, Mitsubishi Electric, Sharp, and Akai Electric manufactured JVC’s VHS.

Perhaps more important than the size of the VCR disks of the two formats was that the VHS format allowed record- ing for two hours, twice that of Betamax. This would have allowed consumers to record an entire movie while away for the night. Sony was close to integrating technology into its format that would have increased the recording time to that of the VHS. If this was what tilted????the balance, then all Sony would have needed is a bit of time. Potentially, at least, it could have bought itself some time if it owned the rights of the movies and refused to release them in anything but Betamax format. And so it is that Sony’s latest technological bets, the CD and DVD, have Sony Music Entertainment Inc????. and Sony Pictures Entertainment to back them up.

In today’s market, however, this type of vertical inte- gration can hamper???? the ability of the consumer electronics division to develop the products that consumers want. Practically every major development in the consumer elec- tronics industry in recent years has been developed by, or with the help of, Sony. Yet, very recently, Apple introduced the iPod, a very small and light device that can store up to 10,000 music files. The iPod is based on a small hard drive equipped with an audio function. Since similar memory cards are available across product lines in the industry and no other firm has Sony’s reputation in the audio market, why, then, did Sony not come up with its own version? One argument is that the conglomerate????must now weigh the benefits of developing a product in one division that may increase piracy???? of its music in another division.

If that is so, Sony is walking a fine line. Its electronics branch has ceased to produce stand-alone products and is instead integrating new products with others, which is likely to make piracy even easier than it is now. Soon, Sony hopes, your computer will be able to communicate with your television, stereo, and DVD player wirelessly, creating an integrated network of consumer electronics. And, if it all goes according to plan, Sony’s media content will flow within these networks.

With PlayStation 2, Sony’s dominance in the market for games was assured, at least in the short term, because it managed to capture most of the market and a games con- sole creates??????a barrier to other game marketers because of lack of compatibility and intellectual property owned by the firm. Other forms of entertainment, however, are not as easily monopolized. Indeed, most new products, like the iPod, are based on technology that is standardized or can be adapted to work with that of competitors. If products do not do this, they might suffer the fate of the Betamax.

1 Is Sony a multinational enterprise?

2 If the vast majority of Sony’s consumer electronics business is based and developed in Japan and the vast majority of Sony’s music and movie business is based in the United States, does Sony make decisions that are best for the entire company regardless of location?

3 Why does Sony need to license its technology to competitors?

What is the step by step procedure to complete a forecast analysis from an income statement? How do you predict % of increase in revenue using % of sales method?

which of the following accounts is not closed at the end of the accounting period

a. depreciation expense

b. deferred service revenue

c. sales

d. cost of good sold

Discuss the importance of a break even point in business. Provide an example of where this may be used. Give a revenue and cost function that illustrates the example. What is the profit?