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MoviesPlus, Inc. is in its third year of business. The company offers DVD rental to online customers for a fixed monthly fee. For $20 per month, a customer receives three DVDs each month, one at a time as the previous one is returned. No matter how many DVDs a customer uses (up to three), the fee is fixed at $20 per month. Customers sign a contract for a year, so MoviesPlus recognizes sales revenue of $240 each time a customer signs up for the service. The owner of MoviesPlus, Bob Colbert, has heard about GAAP, but he does not see any reason to follow these accounting principles. Although MoviesPlus is not publicly traded, Bob does put the company's financial statements on the company's Web page for customers to see. Explain how MoviesPlus would account for its revenue if it did follow GAAP. Explain to Bob Colbert why he should use GAAP, and describe why his financial statements may now be misleading. Do you see this as an ethical issue? Explain.
wood company has starting work in process inventory of 216000 and net manufacturing costs of 954000. if cost of goods
Prepare the sales portion of the entry for this sale on Janet's books and Prepare the cost of sales portion of the entry for this sale on Janet's books
Foyert Corp requires a minimum $30,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $3..
Assume that silk shirts have become particularly fashionable recently due to popular celebrities having their pictures taken wearing them.
Over how many years should Sooner or Later recognize compensation cost associated with the stock options, and how much, if any, should be recognized in each of those years? The effects of forfeitures and income taxes should be ignored.
Find what transfer price would you recommend and why and evaluate what transfer price would you recommend if the Battery division is now selling 1,000,000 batteries a year to retail outlets?
Assume that there are 2,000 hours available on the cutting machine and that the demand for each product is 15,000 units. If one more hour of machine time could be obtained, how much would profits increase?
Cell C12 contains the cost of goods sold of your company, cell D12 contains the operating expenses of your company, and cell E12 contains the net sales of your company. Illustrate what formula would you place in cell F12 to calculate your company'..
Briefly discuss the objectives and functions of each of these sources and purpose of each source of regulation.
Prepare a statement of cash flows for Action Ltd for the year ended 31 December 2010 using the indirect method.
Explain how fund accounting principles for nonprofit organizations affect routine revenue type journal entries.
If sales taxes must be remitted to the state government monthly, illustrate what entry will Al's Bookstore make to show the April remittance?
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