Question: Sometimes experts give the wrong answer, so I'm just posting the right answer below. 3. Question : (TCO A) Blue Suede Construction Corp used the

Sometimes experts give the wrong answer, so I'm just posting the right answer below.

3. Question : (TCO A) Blue Suede Construction Corp used the percentage-of-completion method of revenue recognition. They were contracted to build the new amphitheater for $800000. Additional information was provided:

As of Dec 31. 2012 2013

Percentage of completion 15% 40%

Estimated total expected costs $550,000 $580,000

Gross profit recognized (Cumulative) $50,000 $99,000

Contracted costs incurred during 2013 were

Student Answer: INCORRECT $145,000

CORRECT $149,500

Instructor Explanation: Chapter 18. Points Received: 0 of 5 Comments: Question

4. Question : (TCO A) Revenue should NOT be recognized at the time of sale if

Student Answer: INCORRECT goods were purchased with a credit card payment

CORRECT the buyer has sixty days to return the goods and the amount of future returns cannot be estimated the selling price is substantially less than the normal selling price none of the above

Instructor Explanation: Chapter 18 Points Received: 0 of 5 Comments:

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