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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.
In year 1 Laylor Company has revenues of $100,000, advertising expense of $22,000, depreciation of $15,000-what is expected for last four years. The cost of capital is 10%.
Analyze: what annual per-share dividend was paid to common stockholders in 2010?
Who would you say benefits more when a company prepares accurate and truthful financial statements?
Compute the percentage increase or decrease in net sales and also in net income (net loss) from 2005 to 2007. Which item grew faster during this two-year period, net sales or net income (net loss)? Can you offer a possible explanation for these ch..
Paper on Baderman island prepare a 1,050- to 1,400-word paper in which you compare and contrast options and make a recommendation about which strategy the organization must choose. Address the following in your paper:
Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
a. Compute the selling price per unit. b. Compute the contribution-margin ratio.
the following information is available for abc company for the first month of the year.
What is the amount that the shareholder may deduct on his personal income tax return, assuming the at-risk and passive activity rules do not apply?
Flagstaff Department Store had net credit sales of $13,000,000 and cost of goods sold of $10,000,000 for the year. The average inventory for the year amounted to $2,500,000.
Accounts officers at Xerox corporation discovered that significant errors have been made in the valuation of inventory and are worried that it might have significant impact onthe Net Income and Earnings per share.
the owner of a small business has asked you to prepare a statement that will show him where his firms cash came from
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