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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% Required:
(a) We have studied several methods of revenue recognition. Define and describe each of the following methods of revenue recognition, and indicate whether each is in accordance with generally accepted accounting principles. -Point of sale.- Completion-of-production. - Percentage-of-completion. - Installment-sales.
(b) Calculate the revenue to be recognized in fiscal year 2012 for each division of Patty Corporation in accordance with generally accepted accounting principles. Show all calculations for full credit.
prepare a 1400- to 2100-word paper in which you conduct a country risk analysis for your selected global business
During 2010, Markel had actual outlay of $48,000 for repairs under warranty. Markel employs the expense warranty accrual method-What amount should the company report for estimated liability under warranties at the end of 2010?
Analyze the need for changing to a new system and the potential benefits and risks associated with this change. Identify three (3) advantages and three (3) disadvantages for each of the following choices:
If risk is to be analyzed in a qualitative way, place the following investment decisions in order from the lowest risk to the highest risk:
alex smith purchased 30 shares of xyz stock on april 30 2010 for 210 and on september 1 2010 he purchased 90 additional
at the time, russ has paid $14,000 in premiums, and he collcts the $100,000 face value. how much of the proceeds is taxable to Russ?
XYZ Company sells its razors at $8.00 per unit. The following data relates to its first year of operations. Prepare an income statement based on variable costing.
under gasb rules for the financial reporting entitya. component units are included if the primary government is
the paradise shoes company has estimated its weekly tvc function from data collected over the past several months as
Handy-Man Services is a repair-service company specializing in small household jobs. Each client pays a fixed monthly service fee based on the number of rooms in the house. Records are kept on the time and material costs used for each repair. The ..
On August 1, Stuart Co. issued $1,300,000 of 20-year, 9% bonds, dated August 1, for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions for the current year:
When Nils dies this year, the $50,000 cash is still in a savings account. The consideration offset when computing Nil's gross estate is :
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