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(Learning Objective 2: Apply GAAP for proper revenue recognition) On December 23, 2012, Big Sky Sports Manufacturing sells a truckload of sporting goods to the Sports R Us store in Amarillo, Texas. The terms of the sale are FOB destination. The truck runs into bad weather on the way to Amarillo and doesn’t arrive until January 2, 2013. Big Sky Sports Manufacturing’s invoice totals $126,000 including sales tax. The company’s year-end is December 31. What should Big Sky Sports Manufacturing reflect in its 2012 income statement for this sale?
Purpose a vertical analysis of the income statement showing appropriate percentages for each item listed above. and what additional information would you need to determine whether these percentages are good or bad?
what are stock rights? How does the issuing company account for them? Please explain the accounting requirements for stock compensation plans under GAAP
Davies Corporation purchased 2,000 shares of its $10 par value common stock for $76,000 on August 1. It will hold these in the treasury until resold. Journalize the treasury stock transaction.
Calculate the cost and selling price of one pound of cashews and one pound of chestnuts and using an activity-based costing approach and the information provided, calculate the cost and selling price of one pound of cashews and one pound of chestnu..
Evaluate each method in terms of its effect on cash flows, fixed asset turnover, and earnings per share. Assuming that the company is most interested in maintaining a high EPS during year 1 and 2, which method would you recomme..
How many units are in process at May 31 and what is the unit materials cost for May - what is the unit conversion cost for May
Complete the December 31, 2011, balance sheet and prepare a statement of cash flows for the year ended December 31, 2011, using the indirect method.
Concepts mastered in this comprehensive problem will serve you well in Advanced Accounting and the rest of your accounting curriculum - Adjusted Trial Balance numbers to complete the Income Statement, Statement of Retained Earnings, Balance Sheet,..
Evaluate the amount and character of Robby's deduction(s) for this vacation home considering the cost allocation method that the IRS prefers is used.
What is the amount of its net credit sales for the period? What is the average collection period in days?
Mancuso Corporation amended its pension plan on January 1, 2010, and granted $160,000 of unrecognized prior service costs to its employees. The employees are expected to provide 2,000 service years in the future, with 350 service years in 2010. Co..
multiple type questions.select thenbspbestnbspanswer.1.nbspwhat basis of accounting do enterprise and internal service
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