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At January 1, 2016, Pearson Corp. has beginning inventory of 480 surfboards. Pearson estimates it will sell 2.400 units during the first quarter of 2016 with a 10% increase in sales each quarter. Each surfboard is sold for $225. How much is budgeted sales revenue for the third quarter of 2016?
Theory question based on revenue recognition - What factors does the standard discuss that may impair the ability to make a reasonable estimate of returns?
At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $894,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $447 account of P. Park is uncol..
Favata Company has the following information. In addition, the cost of goods sold rate is 70% and the desired inventory level is 30% of next month's cost of sales. Prepare a purchases budget for July through September.
company doesn't ring up sales taxes separately on cash register total receipts for october amounted to $18900. if sales tax rate is 5%, what amount must be remitted to the state for October's sales tax?
Calculate return on investment(ROI) for each division using operating income as a measure of income and total assets as a measure of investment.
Juarez Builders incurred $285,000 of labor costs for construction jobs completed during the month of August, of which $212,000 was direct and $73,000 was indirect supervisory costs. The correct journal entry to record the $73,000 indirect labor for t..
The price of a bond that offers a safe promise of $100 in 1 year is $95. What is the implied interest rate? If the bond’s interest rate suddenly jumped up by 150 basis points, what would the bond price be? How much would an investor gain/lose if she ..
Calculate the total amount of cash dividends paid in the fourth quarter and calculate the number of shares of stock issued in the stock dividend.
How does British Airways, Plc. (BA)account for “other current interest-bearing deposits”? Is that consistent with U.S. GAAP? What is the amount of those investments that are maturing after three months, as of March 31, 2009?
They paid their CPA during 2015 for income tax services - $200 amending for their 2013 tax return, $400 for amending their 2014 tax return, and $300 for tax planning advice related to the 2015 tax year. What amount if any is deductible or reported on..
Fred and George have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $10,000. Prepare jo..
Justin Brimer owns his own taxi, for which he bought a $24,000 permit to operate two years ago. Mr. Brimer earns $35,000 a year operating as an independent but has the opportunity to sell the taxi and permit for $82,000 and take a position as dispatc..
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