Acc280 Financial Accounting: E7-4 Consider the following transactions of Parolini Company
Acc280 Financial Accounting E7-4 Consider the following transactions of Parolini Company for 2008. For each item below, indicate the amount of revenue Parolini Company should recognize in calendar year 2008. (If answer is zero, please enter 0. Do not leave any fields blank.) 1. Sold a 6-month insurance policy to Orosco Corporation for 9,000 on March 1. 2. Leased office space to Easley Supplies for a 1-year period beginning September 1. The rent of 30,000 was paid in advance. 3. A sales order for merchandise costing 9,000 that had a sales price of 14,000 was received on December 28 from Gutierrez Company. The goods were shipped FOB shipping point on December 31. Gutierrez received them on January 3, 2009. 4. Merchandise inventory on hand at year-end that amounted to 160,000. Parolini Company expects to sell the inventory in 2009 for 180,000.