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Chorkina Securities Division works through manufactures' agents in various cities. Orders for alarm systems and down payments are forwarded from agents, and the division ships the goods f.o.b. factory directly to customers (usually police departments and security guard companies). Customers are billed directly for the balance due plus actual shipping costs. The company received orders for $6,000,000 of goods during the fiscal year ended Nonmember 30,2008. Down payments of $600,000 were received and $5,200,000 of goods were billed and shipped. Actual freight costs of $100,000 were also billed. Commissions of 10% on product price are paid to manufacturing agents after goods are shipped to customers. Such goods are warranted for 90 days after shipment, and warranty returns have been about 1% of sales. Revenue is recognized at the point of sale by this division.
Compute the revenue to be recognized in fiscal year 2008 for the two operating divisions of Simona Amanar Industries in accordance with generally accepted accounting principles.
omparative analyses can only take place in an environment of stable, static and consistent rules. Your final project will be to synthesize the issues/data previously researched into a single paper.
Accounting for Business Decisions -HI5001 - what is the interest expense for 2012 and how much equipment was purchased during the year
In 2011, Hoffmann Company had a break-even point of $332,000 based on a selling price of $8.00 per unit and fixed costs of $112,880. In 2012, the selling price and the variable cost per unit did not change, but the break-even point increased to $4..
Calculate the proper fixed-overhead rate per standard direct-labor hour and per unit. Assume that 6,000 standard direct-labor hours are allowed for the output achieved during a given month. Actual variable overhead of $31,000 was incurred; actual ..
Crocket Corp issues $200,00 of its 10percent bonds payable on April 1, 2030. The bonds were issued at face value, Interest is payable semi-annually, on 10/1 and 4/1. give the journal entries to issue the bonds and pay each of the first two interes..
Swan Inc is an accural basis taxpayer. Swan uses the aging approach to calculate the reserve for bad debts. During 2010, the following occur associated with bad debts: What is the amount for bad debt expense?
Briefly explain the rationale for a sale and leaseback and the advantages for firms engaging in such an exercise.
In order to sustain operations and generate sales and cash flow, the firm required to make $1250 of capital expenditures on new fixed assets and to invest $300 in net operating working capital. By how much did the firm's net income exceed its free..
What are the general types of subsequent events that require Green's consideration and evaluation? What are the auditing procedures Green should consider performing to gather evidence concerning subsequent events?
As a result of their divorce, Fred agrees to pay alimony to Tammy of $20,000 per year. The payments are to cease in the event of Fred's or Tammy's death or in the event of Tammy's remarriage. In addition, Tammy is to receive their residence, which..
Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct matrials and conversion cost.
Arthur operates a part-time auto repair service. He estimates that a new diagnostic computer system will result in increased cash inflows of $2,100 in Year 1, $3,200 in Year 2, and $4,000 in Year 3.
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