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ACCT/382 ACCT382 ACCT 382 Week 5 Chapter 5 Homework


ACCT 382 Week 5 Chapter 5 Homework There may be chances that the figures given in our question and your question doesn’t matches. Don’t worry, we are here to help you. Just write to us at studentwhiz@gmail.com and your answer is with you in no time. Question 1 Alpine West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day, adult ticket can be purchased for $55. Adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from December 1 through April 30. The season pass is nontransferable, and the $450 price is non refundable. Alpine expects its season pass holders to use their passes equally throughout the season. The company’s fiscal year ends on December 31. On November 6, 2013, Jake Lawson purchased a season ticket. Question 2 Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2013 and 2014: 2013 2014 Installment sales $ 360,000 $ 350,000 Cost of installment sales 234,000 245,000 Cash collections on installment sales during: 2013 150,000 100,000 2014 — 120,000 Question 3 The Foster Company sold inventory to the Slate Corporation for $300,000. Terms of the sale called for a down payment of $75,000 and three annual installments of $75,000 due on each July 1, beginning July 1, 2014. Each installment also will include interest on the unpaid balance applying an appropriate interest rate. The inventory cost Foster $120,000. The company uses the perpetual inventory system. Question 4 Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2013 and was completed in 2014. Data relating to the contract are summarized below: 2013 2014 Costs incurred during the year $ 300,000 $ 1,575,000 Estimated costs to complete as of 12/31 1,200,000 0 Billings during the year 380,000 1,620,000 Cash collections during the year 250,000 1,750,000 Question 5 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. Question 6 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 appr


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