devanshdave6

devanshdave6

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Sardar Patel University - SPU

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I have these questions, I wanna the correct answers withexplaination FOR ALL Q , please:

1-On December 15, 2016, Rigsby Sales Co. sold a tract of landthat cost $3,800,000 for $5,000,000. Rigsby appropriately uses theinstallment sales method of accounting for this transaction. Termscalled for a down payment of $440,000 with the balance in two equalannual installments payable on December 15, 2017, and December 15,2018. Ignore interest charges. Rigsby has a December 31year-end.

In 2017, Rigsby would recognize realized gross profit of:

A- $ 0.

B- $547,200.

C- $447,200.

D- $597,200.

2-

Johnson sells $112,000 of product to Robbins, and also purchases$12,400 of advertising services from Robbins. The advertisingservices have a fair value of $9,200. Johnson should record revenueon its sale of product to Robbins of:

A- $108,800

B- $112,000

C- $102,800

D- $99,600

3-

Arizona Desert Homes (ADH) constructed a new subdivision during2015 and 2016 under contract with Cactus Development Co. Relevantdata are summarized below:

Contract amount $2,595,000
Cost: 2015 1,110,000
2016 510,000
Gross profit: 2015 665,000
2016 310,000
Contract billings: 2015 1,297,500
2016 1,297,500

ADH recognizes revenue upon completion of the contract.
In its December 31, 2015, balance sheet, ADH would report:

A- The contract asset, contract amount in excess of billings, of$1,297,500

B- The contract asset, cost and profits in excess of billings,of $477,500

C- The contract liability, billings in excess of cost, of$187,500

D- The contract asset, deferred profit, of $310,000

4-

Gupta Industries received a $290,000 prepayment from PackardAssociates for the sale of new equipment. Gupta will bill Packardan additional $111,000 upon delivery of the equipment. Upon receiptof the $290,000 prepayment, how much should Gupta recognize for acontract asset, a contract liability, and accounts receivable?

rev: 08_24_2015_QC_CS-15471

A- Contract asset: $0; contract liability: $290,000, accountsreceivable, $0.

B- Contract asset: $0; contract liability: $290,000, accountsreceivable, $111,000.

C- Contract asset: $290,000; contract liability: $0, accountsreceivable, $0.

D- Contract asset: $290,000; contract liability: $0, accountsreceivable, $111,000.

5-

Maas LLP developed software that helps farmers to plow theirfields in a manner that prevents erosion and maximizes theeffectiveness of irrigation. Sunny Dale paid a licensing fee of$17,000 for a copy of the software. Although Sunny Dale can use thesoftware as long as it wants, Maas expects that Sunny Dale will usethe software for approximately 5 years. Maas does not anticipateany further interaction with Sunny Dale following transfer of thelicense. How much revenue should Maas recognize in the first yearof the contract?

A- $3,400

B- $4,250

C- $17,000

D- $0

6-

Excerpts fromDowling Company's December 31, 2016 and 2015, financial statementsand key ratios are presented below (all dollar values are inmillions):

2016 2015
Accounts receivable (net) $27 15
Netsales $170 84
Costof goods sold $98 83
Netincome $27 24
Inventory turnover 5.60
Return on assets 11.5%
Equity Multiple 2.48

Dowling'saverage inventory balance for 2016 is (Round your answer toone decimal):

A- 15.0.

B- 18.0.

C- 17.5.

D- 18.5.

7-

Reliable Enterprises sells distressed merchandise on extendedcredit terms. Collections on these sales are not reasonablyassured, and bad debt losses cannot be reasonably predicted. It isunlikely that repossessed merchandise is in condition to bere-sold. Therefore, Reliable uses the cost recovery method.Merchandise costing $30,500 was sold for $57,250 in 2015.Collections on this sale were $21,800 in 2015, $15,300 in 2016, and$20,150 in 2017.

In 2017, Reliable would recognize gross profit of:

A- $20,150.

B- $ 0.

C- $ 6,000.

D- $ 9,000.

8-

Reliable Enterprises sells distressed merchandise on extendedcredit terms. Collections on these sales are not reasonablyassured, and bad debt losses cannot be reasonably predicted. It isunlikely that repossessed merchandise is in condition to bere-sold. Therefore, Reliable uses the cost recovery method.Merchandise costing $31,750 was sold for $58,500 in 2015.Collections on this sale were $20,600 in 2015, $14,800 in 2016, and$23,100 in 2017.

In 2015, Reliable would recognize gross profit of:

A- $ 0.

B- $8,917.

C- $ 8,254.

D- $26,750

9-

Excerpts fromDowling Company's December 31, 2016 and 2015, financial statementsand key ratios are presented below (all dollar values are inmillions):


2016 2015
Accounts receivable (net) $28 $20
Netsales $175 92
Costof goods sold $99 84
Netincome $28 25
Inventory turnover 5.50
Return on assets 11.6%
Equity Multiple 2.49

Dowling's returnon equity for 2016 is (Round your answer to wholepercentage):

A- 26%.

B- 29%.

C- 16%.

D- 7%.

10-

Lake Power Sports sells jet skis and other powered recreationalequipment. Customers pay one-third of the sales price of a jet skiwhen they initially purchase the ski, and then pay anotherone-third each year for the next two years. Because Lake has littleinformation about the ability to collect these receivables, it usesthe installment sales method for revenuerecognition. In 2015, Lake began operations and sold jet skis witha total price of $1,170,000 that cost Lake $585,000. Lake collected$390,000 in 2015, $390,000 in 2016, and $390,000 in 2017 associatedwith those sales. In 2016, Lake sold jet skis with a total price of$1,530,000 that cost Lake $918,000. Lake collected $510,000 in2016, $405,000 in 2017, and $405,000 in 2018 associated with thosesales. In 2018, Lake also repossessed $210,000 of jet skis thatwere sold in 2016. Those jet skis had a fair value of $78,750 atthe time they were repossessed.

In 2015, Lake would recognize realized gross profit of:

A- $585,000.

B- $ 0.

C- $390,000.

D- $195,000.

The gross profit on the sale of the land is $1,200,000 ($5,000,000 selling pri...
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RCT 3 Excerpt: Chapter 11 Narrative of Frederick Douglass

I found employment, the third day after my arrival, in stowing a sloop with a load of oil. It was new, dirty, and hard work for me; but I went at it with a glad heart and a willing hand. I was now my own master. It was a happy moment, the rapture of which can be understood only by those who have been slaves. It was the first work, the reward of which was to be entirely my own. There was no Master Hugh standing ready, the moment I earned the money, to rob me of it. I worked that day with a

pleasure I had never before experienced. I was at work for myself and newly-married wife. It was to me

the starting point of a new existence. When I got through with that job, I went in pursuit of a job of

calking; but such was the strength of prejudice against color, among the white calkers, that they refused to work with me, and of course I could get no employment. * (I am told that colored persons

can now get employment at calking in New Bedford -a result of anti-slavery effort.) Finding my trade of no immediate benefit, I threw off my calking habiliments, and prepared myself to do any kind of

work I could get to do. Mr. Johnson kindly let me have his wood-horse and saw, and I very soon found

myself a plenty of work. There was no work too hard -none too dirty. I was ready to saw wood, shovel

coal, carry wood, sweep the chimney, or roll oil casks, -all of which I did for nearly three years in New

Bedford. before I became known to the antislavery world.

In about four months after I went to New Bedford, there came a young man to me, and

inquired if I did not wish to take the "Liberator." I told him I did; but, just having made my escape from

slavery, I remarked that I was unable to pay for it then. I, however, finally became a subscriber to it.

The paper came, and I read it from week to week with such feelings as it would be quite idle for me to

attempt to describe. The paper became my meat and my drink. My soul was set all on fire. Its

sympathy for my brethren in bonds- its scathing denunciations of slaveholders- its faithful exposures of slavery -and its powerful attacks upon the upholders of the institution-sent a thrill of joy through

my soul, such as I had never felt before!

I had not long been a reader of the "Liberator," before I got a pretty correct idea of the

principles, measures and spirit of the anti-slavery reform. I took right hold of the cause. I could do but

little; but what I could, I did with a joyful heart, and never felt happier than when in an anti-slavery meeting. I seldom had much to say at the meetings, because what I wanted to say was said so much better by others. But, while attending an antislavery convention at Nantucket, on the 11th of August,

1841, I felt strongly moved to speak, and was at the same time much urged to do so by Mr. William C.

Coffin, a gentleman who had heard me speak in the colored people's meeting at New Bedford. It was a

severe cross, and I took it up reluctantly. The truth was, I felt myself a slave, and the idea of speaking

to white people weighed me down. I spoke but a few moments, when I felt a degree of freedom, and

said what I desired with considerable ease. From that time until now, I have been engaged in pleading

the cause of my brethren -with what success, and with what devotion, I leave those acquainted with my labors to decide.

RCT 3 Excerpt: Chapter 11 Narrative of Frederick Douglass

How does Douglass use rhetoric to reveal his views on freedom?

Using the three rhetorical appeals, explain how Douglass argues for the abolition of slavery.

Use evidence from the text to support your answer

Restate the question

Answer the question

-topic sentence

-cite evidence of each: ethos /pathos/logos

-explain your answer

-Summarize your answer in a conclusion sentence.

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