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The realization principle determines when a business should recognize revenue. Listed next are three common business situations involving revenue. After each situation, we give two alternatives as to the accounting period or periods in which the business might recognize this revenue. Select the appropriate alternative by applying the realization principle, and explain your reasoning.
a. Airline ticket revenue: most airlines sell tickets well before the scheduled date of the flight. ( period ticket sold; period of flight)
b. Sales on account: In june 2015, a San Diego based furniture store had a big sale, featuring " No payments until 2016". ( period furniture sold; periods that payments are received from customers)
c. Magazine subscriptions revenue: Most magazine publishers sell subscriptions for future delivery of the magazine. (Period subscription sold; periods that magazines are mailed to customers)
calculation of inventory value and total manufacturing cost.the following information has been taken from the perpetual
A company has $27 per unit in variable costs and $1,000,000 per year in fixed costs. Demand is estimated to be 100,000 units annually. What is the price if a markup of 40% on total cost is used to determine the price?
Alcide Mining Company purchased land on February 1, 2014, at a cost of $1,428,690. It estimated that a total of 64,000 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore t..
decision on closure of one of the units with the help of decrease in net income.the most recent monthly income
How would you improve it? Calculate alternative rates that you would use and explain why you think it would help Rex. You should draw on information provided in Tables 1 to 4 to support your recommendation.
Prepare debt government-wide entries and service fund in general journal form to reflect, as required, the subsequent information and transactions for FY 2014.
The company allocates any under applied or over applied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.
Son Corporation is an 80 percent-owned subsidiary of Pin Corporation. In 2011, Son sold land that cost $15,000 to Pin for $25,000.
Analyse and evaluate the arguments for, and against, for each of the case studies.Which arguments do you consider to be more compelling?
Discuss briefly the broad responsibilities of the aforementioned parties and conclude with a 500 word overview of the alleged corporate governance failures that surrounded most of the financial failures
Prepare journal entries, with workings and narrations, to record the changes to the carrying value of the Stimela train and the related tax in the financial statements of Enjoy-SA for the year ended 28 February 2005.
Evaluation of Arithmetic Geometric Mean and NPV and the arithmetic and geometric returns for the stock
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