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Eddi Din [679]
3 years ago
9

Gupta Industries received a $380,000 prepayment from Packard Associates for the sale of new equipment. Gupta will bill Packard a

n additional $108,000 upon delivery of the equipment. Upon receipt of the $380,000 prepayment, how much should Gupta recognize for a contract asset, a contract liability, and accounts receivable? A) Contract asset $380,000, contract liability: $0, accounts receivable, $108,000. B) Contract asset: $0: contract liability: $380,000, accounts receivable, $108,000 C) Contract asset: $380,000, contract liability: $0, accounts receivable, $0. D) Contract asset: $0, contract liability: $380,000, accounts receivable, $0.
Business
1 answer:
jenyasd209 [6]3 years ago
8 0

Answer: the correct answer is D) Contract asset: $0, contract liability: $380,000, accounts receivable, $0.

Explanation: Contract asset is $0 because the asset belongs to the company that has the equipment which is Packard Associates. Gupta has a liability of $380,000 because it has to deliver the equipment. Accounts receivable are $0 because the equipment hasn't been delivered yet.

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The weight of a product is normally distributed with a standard deviation of 0.5 grams. If the production manager wants no more
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Answer:

4.28 grams

Explanation:

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Given that:

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3 years ago
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The gross profit margin for the cat condo is 50%

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