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Our book distribution division sells to national bookstores. Our division allows for up to 25% of sales in returns. For the past 4 years, returns have averaged 20%. We record revenue based on revenue recognition when the right of return exists.
Total Sales for 2012 $ 9,000,000 Sales Still Available for return for six months $ 2,000,000 Actual Returns on Sales not returnable 21%2011 Sales collected in 2012 $ 2,500,000 2011 Sales returned in 2012 19%
Calculate the revenue to be recognized in fiscal year 2012 for each division of Peace book in accordance with generally accepted accounting principles. Show all calculations for full credit."
An art dealer sold two artworks at $1520 thereby making a profit of 25% on the first work and 10% on the second, where as if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on t..
Show what effect did the expansion have on sales, net operating working capital, capital, net operating profit, and net income?
Barry did not elect to expense any of the asset under § 179, nor did he elect straight-line cost recovery. Barry sold the asset on July 17, 2010. Determine the cost recovery deduction for 2010.
What are several conditions that can lead to fraud and to what type of fraud can they lead? Describe the source documents and controls that would be included in a typical production cycle.
Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix.
Makes recommendations for the company to minimize the threat of lawsuits relating to privacy protection, product liability, or intellectual property rights.
Summarize your ideas about internal controls. An introduction to internal controls, explaining in your own words the two primary goals of internal control. A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls
Kordel Inc. holds 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be elimi..
Which of the following would an auditor most likely use in determining the auditor's preliminary judgment about materiality?
Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit.
The depreciation expense is related to the company's sole $60,000 asset, which is predictable to last 4 years. The cost of capital is 10%.
The managing partner of the firm decides to accept the engagement. A major factor in the decision is that the firm does not have any clients in the construction industry and this will provide valuable experience. He promptly calls the president an..
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