Business, 21.04.2020 02:08 bgallman153p71edg

Stacy Company enters into a contract with Molly Company on February 5th. The contract requires Stacy to deliver 100 units of Product A and 250 units of Product B to Molly by September 1st. Stacy is entitled to payment for Product A after 125 units of Product B have been delivered. The following deliveries are made by Stacy to Molly:
• On March 15th, Stacy delivers 100 units of Product A.
• On May 21st, Stacy delivers 100 units of Product B.
• On August 1st, Stacy delivers an additional 150 units of Product B.
The amount related to Product A to be reported on Stacy’s March 31st balance sheet, June 30th balance sheet, and September 30th balance sheet, respectively, should be presented as a:
A. Contract Asset with conditional rights; Contract Asset with unconditional rights; Accounts Receivable.
B. Accounts Receivable with unconditional rights; Contract Asset with unconditional rights; Contract Asset.
C. Contract Asset with conditional rights; Contract Asset with conditional rights; Accounts Receivable.
D. Contract Liability; Contract Asset with conditional rights; Accounts Receivable.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 22:10

3. now assume that carnival booked lady antebellum in december 2016 to perform on the june 2017 western caribbean cruise. further assume that carnival pays lady antebellum its entire performance fee of $52,000 on december 28, 2016, for the june 2017 cruise. what journal entry will carnival make on december 28, 2016, for its payment to lady antebellum?

Answers: 1

Answer

Business, 22.06.2019 11:50

The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.

Answers: 3

Answer

Business, 22.06.2019 19:00

In 1975, mcdonald’s introduced its egg mcmuffin breakfast sandwich, which remains popular and profitable today. this longevity illustrates the idea of:

Answers: 1

Answer

Business, 22.06.2019 20:00

Lillypad toys is a manufacturer of educational toys for children. six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. what should lillypad's managers prepare for next? a. increased competition from imitators b. a prolonged period of uncontested success c. a sharp decline in demand for the product d. a difficult struggle to move from invention to innovation

Answers: 2

Answer

You know the right answer?

Stacy Company enters into a contract with Molly Company on February 5th. The contract requires Stacy...

Questions