in october, year 2, a large u.s. aircraft manufacturer signed a significant contract with the government of france to build 50 jumbo jets, with delivery scheduled for year 5. in february, year 3, the firm signed a second contract with the government of germany to build 35 jumbo jets. the year 2 financial statements were issued in early march , year 3. the firm did not begin work on either contract before the issuance of the year 2 statements. which contract(s) should be recognized in the accounts for the year 2 financial statements? contract 1 (french) contract 2 (german) yes no no yes yes yes no no

Question

10-12-2022
Social Studies

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in october, year 2, a large u.s. aircraft manufacturer signed a significant contract with the government of france to build 50 jumbo jets, with delivery scheduled for year 5. in february, year 3, the firm signed a second contract with the government of germany to build 35 jumbo jets. the year 2 financial statements were issued in early march , year 3. the firm did not begin work on either contract before the issuance of the year 2 statements. which contract(s) should be recognized in the accounts for the year 2 financial statements? contract 1 (french) contract 2 (german) yes no no yes yes yes no no

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PratikshaS PratikshaS · Answer 1 · 2022-12-15T20:49:28+01:00

No transactions have taken place for either contract. Even though the French contract was signed before the balance sheet date, there is nothing to recognize. Footnotes will describe both contracts.

An entity must disclose the fact that it did not compile its financial statements on a going-concern basis, as well as the methodology used and the justification for why the entity is not viewed as a going concern.

The corporation would not be allowed to pay the declared dividend if, following the reapplication of the solvency and liquidity test, the board cannot conclusively determine that the issuer will pass those tests after paying the declared dividend.

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The correct question is :

In October 20x2, a large U.S. aircraft manufacturer signed a significant contract with the government of France to build 50 jumbo jets, with delivery scheduled for 20x5.

In February 20x3, the firm signed a second contract with the government of Germany to build 35 jumbo jets. The 20x2 financial statements were issued in early March 20x3. The firm did not begin work on either contract before the issuance of the 20x2 statements.

Which contract(s) should be recognized in the accounts for the 20x2 financial statements?

Contract 1 (French) Contract 2 (German)

Yes No

No Yes

Yes Yes

No No