Introduction to Business

Cambridge College

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Business Accounting
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July 2022

2021/2022
In 2013, Long Construction Corporation began construction work under a three-year contract. The contract price is $1,600,000. Long uses the percentage-of-completion method for financial reporting purposes. The financial statement presentation relating to this contract at December 31, 2013, is as follows:
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Business Accounting
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July 2022

2021/2022
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on the percentage-of-completion method using the FASB’s Codification Research System at the FASB website ( ). What is the specific citation that describes the circumstances and conditions under which it is preferable to use the percentage-of-completion method? 2. List the circumstances and conditio...
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Business Accounting
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July 2022

2021/2022
Easywrite Software Company shipped software to a customer on July 1, 2013. The arrangement with the customer also requires the company to provide technical support over the next 12 months and to ship an expected software upgrade on January 1, 2014. The total contract price is $243,000, and Easywrite estimates that the individual fair values of the components of the arrangement if sold separately would be: Software $210,000 Technical support 30,000 Upgrade 30,000
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Business Accounting
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2

July 2022

2021/2022
Richardson Systems sells integrated bottling manufacturing systems that involve a conveyer, a labeler, a filler, and a capper. All of this equipment is sold separately by other vendors, and the fair values of the separate equipment are as follows: Conveyer $20,000 Labeler 10,000 Filler 15,000 Capper 5,000 Total $50,000 Richardson sells the integrated system for $45,000. Each of the components is shipped separately to the customer for the customer to install.
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Business Accounting
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July 2022

2021/2022
Assume the same facts as in E5–19, but that Richardson Systems reports under IFRS. How would your answers change? (Assume for requirement 2 that separate shipment is part of the normal course of Richardson’s operations, and successful customer installation is highly probable.)
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Business Accounting
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July 2022

2021/2022
Question: On October 1, 2013, the Submarine Sandwich Company entered into a franchise agreement with an individual. In exchange for an initial franchise fee of $300,000, Submarine will provide initial services to the franchisee to include assistance in design and construction of the building, help in training employees, and help in obtaining financing. 10% of the initial franchise fee is payable on October 1, 2013, with the remaining $270,000 payable in nine equal annual installments beginning...
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Business Accounting
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July 2022

2021/2022
Listed below are several terms and phrases associated with revenue recognition and profitability analysis. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.
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Business Accounting
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July 2022

2021/2022
The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales $2,460,000 Less: Cost of goods sold: Inventory, January 1 $ 630,000 Net purchases 1,900,000 Inventory, December 31 (690,000) 1,840,000 Gross profit $ 620,000
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Business Accounting
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July 2022

2021/2022
The 2013 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $4.8 million, and net income of $800,000. The following table shows the company’s comparative balance sheets for 2013 and 2012: Some industry averages for Anderson’s line of business are Inventory turnover 5 times Average collection period 25 days Asset turnover 1.8 times Required: Assess Anderson’s asset management relative to its industry.
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Business Accounting
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2

July 2022

2021/2022
The following condensed information was reported by Peabody Toys, Inc., for 2013 and 2012: Required: 1. Determine the following ratios for 2013: a. Profit margin on sales . b. Return on assets . c. Return on shareholders’ equity . 2. Determine the amount of dividends paid to shareholders during 2013.
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