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The following are brief descriptions of two companies in different lines of business.
A. Company A is a retailer. I makes sales on a daily basis for cash and on credit cards.
B. Company B is a health spa. It has recently signed contracts with numerous individuals to use its facilities over a two-year period. The contract price was collected in advcance.
Required:
Describe when revene should be recognized by each company. If revenue should not be recognized at the time of sale, indicate what method should be used to recognize the revenue. Justify your decision.
For each of the following fund types, indicate its fund category by placing either “GF” for governmental funds, “PF” for proprietary funds, or “FF” for fiduciary funds in the space provided before each item.
Exposition, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a cost of? $14 each using the? last-in, first-out? (LIFO) method. The current replacement cost is? $10 per unit. The selling price charged by? Expositi..
Construct a trial balance for Harlech Health Food from the following list of balances, calculating the figure for purchases:
For the following accounts, indicate whether or not there is a debit or credit balance: Interest income Accounts payable Accounts receivable Sales Retained earnings Dividends Royalty expense Dividend income Notes payable Computers
Compute the total value of Coca-Cola's net operating assets using the total sum of the present value of free cash flows for all debt and equity stakeholders.
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Derf Corporation uses a standard cost system in which it applies manufacturing overhead on the basis of standard direct labor-hours. Two direct labor-hours are required for each unit produced. The denominator activity was set at 10,200 units. The var..
on july 31 2013 danerys co. a private company purchased all the net assets of kings landing co. another private
Is the assets are treated as if they had been purchased outright. Is this policy companies using U.S. GAAP follow in accounting for capital leases? Explain
What does the Consolidated Statements of Earnings-the income statement-tell you about the company? Why is this statement important? What business decisions could be made using the income statement?
Did the Company's "Inventories" increase or decrease over the last year? Were there more debits or credits to the Company's inventory accounts during 2014?
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