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devry acct304 week 4 quiz

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Question;(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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