Homework answers / question archive / list three examples of reserve accounts describe accrual accounts list 3 signs that suggest a company is recognizing sales too early when should the installment method of revenue recognition be used? the installment method requires list three factors used by analyst to access the quality of accounting Net Pension Expense = percentage-of-completion = minimum pension liability problem gorilla corp implemented a defined benefit pension plan for it's employees on Jan 2 2012

list three examples of reserve accounts describe accrual accounts list 3 signs that suggest a company is recognizing sales too early when should the installment method of revenue recognition be used? the installment method requires list three factors used by analyst to access the quality of accounting Net Pension Expense = percentage-of-completion = minimum pension liability problem gorilla corp implemented a defined benefit pension plan for it's employees on Jan 2 2012

Finance

Share With

1. list three examples of reserve accounts
2. describe accrual accounts
3. list 3 signs that suggest a company is recognizing sales too early
4. when should the installment method of revenue recognition be used?
5. the installment method requires
6. list three factors used by analyst to access the quality of accounting
7. Net Pension Expense =
8. percentage-of-completion =
9. minimum pension liability problem
   
   gorilla corp implemented a defined benefit pension plan for it's employees on Jan 2 2012.
   
   The following data are provided for year 2012, as of Dec 31 2012
   
   Projected benefit obligation = $70,000
   Employers contribution at year end = $60,000
   
   What amount should Gorilla record as additional minimum pension liability at Dec 31 2012?
10. Average Asset Age Problem
    
    The following information is available from Sheldon Corp.:
    
    Information from the balance sheet:
    
    At Dec 31 2012
    Depreciable Assets = $245,860
    Accumulated Depreciation = (1,350,700)
    Depreciable Assets (net) = 1,107,900
    
    From the 2012 income statement
    
    Depreciation expense 384,500
    
    At Dec 31 2011
    Depreciable Assets = $1,985,400
    Accumulated Depreciation = (1,046,000)
    Depreciable Assets (net) = 939,400
    
    From the 2012 income statement
    
    Depreciation expense 312,300
    
    What is the average age of the depreciable assets (use accumulated depreciation) and,
    
    what is the average remaining useful life of the depreciable assets at the end of 2012 (use net depreciable assets)?
11. LIFO conversion problem
    
    Assume the following for this company that uses LIFO to value its inventory
    
    Sales = 24,000,000
    Beginning Inventory = 18,000,000
    Cost of sales = 17,500,000
    Ending Inventory = 23,000,000
    Current Assets = 7,500,000
    Current Liabilities = 3,800,000
    
    The footnotes indicate that if the company valued its inventory using FIFO, the beginning inventory would be 650,000 higher and the ending inventory would be 850,000 higher.
    
    What would the gross margin and current ratio have been had the company used FIFO accounting?