Maurice Tutor

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About Maurice Tutor

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Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jul 2017 My Price 6.00

Pankratov Lakes

Pankratov Lakes is a new recreational real estate development which consists of 500 lake-front and lake-view lots. As a special incentive to the first 100 buyers of lake-view lots, the developer is offering 3 years of free financing on 10-year, 12% notes, no down payment, and one week at a nearby established resort—?oa $1,200 value.?? The normal price per lot is $12,000. The cost per lake-view lot to the developer is an estimated average of $2,000. The development costs continue to be incurred; the actual average cost per lot is not known at this time. The resort promotion cost is $700 per lot. The notes are held by Davis Corp., a wholly owned subsidiary.

Instructions
(a) Discuss the revenue recognition and gross profit measurement issues raised by this situation.
(b) How would the developer’s past financial and business experience influence your decision concerning the recording of these transactions?
(c) Assume 50 persons have accepted the offer, signed 10-year notes, and have stayed at the local resort. Prepare the journal entries that you believe are proper.
(d) What should be disclosed in the notes to the financial statements?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jul 2017 01:07 PM My Price 6.00

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