DeVry ACCT 304 Week 4 Quiz Latest

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DeVry ACCT 304 Week 4 Quiz Latest

(TCO 5) For a typical manufacturing company, the most common critical point for recognizing revenue is the date>an order is received.

production is completed.

the product is delivered.

payment is received.

Question 2. Question :

(TCO 5) On December 15, 2011, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in two equal, annual installments, payable on December 15, 2012 and December 15, 2013. Ignore interest charges. Rigsby has a December 31 year-end. In 2011, Rigsby would recognize the realized gross profit of

$500,000.

$0.

$900,000.

$100,000.

Question 3. Question :

(TCO 6) Present and future value tables of $1 at 3% are presented below:

Carol wants to invest money in a 6% CD account that compounds semiannually. Carol would like the account to have a balance of $50,000 5 years from now. How much must Carol deposit to accomplish her goal?

$35,069

$43,131

$37,205

$35,000

Comments:

Question 4. Question :

(TCO 6) Sondra deposits $2,000 in an IRA account on April 15, 2011. Assume the account will earn 3% annually. If she repeats this for the next 9 years, how much will she have on deposit on April 14, 2020?

$20,600

$20,928

$23,616

$24,715

Question 5. Question :

(TCO 6) Jose wants to cash in his winning lottery ticket. He can either receive five, $5,000 annual payments starting today, or he can receive a lump-sum payment now based on a 3% annual interest rate. What is the present value of the installments if he opts for the lump sum payment?

$22,899

$21,565

$23,000

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DeVry ACCT 304 Week 4 Quiz Latest