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In conducting year-end inventory counts, your audit team is debating the impact of the client's right of return policy both on inventory valuation and revenue recognition. The assistant controller argues that there is no need to worry about the return policies since they have not changed in a while. The audit senior wants a more authoritative answer and has asked you to conduct some research of the authoritative literature, before she presses the point with the client.
Instructions If your school has a subscription to the FASB Codification, go to https://aaahq.org/asclogin.cfm to log in and prepare responses to the following. Provide Codification references for your responses.
(a)What is the authoritative guidance for revenue recognition when right of return exists?
(b) When is this guidance important for a company?
(c) Sales with high rates of return can ultimately cause inventory to be misstated. Why are returns allowed? Should different industries be able to make different types of return policies?
(d) In what situations would a reasonable estimate of returns be difficult to make?
S Company earned $840,000 evenly throughout the year and declared a dividend of $300,000 on November 1. What is the amount needed to establish reciprocity under the cost method in the preparation of a consolidated workpaper on December 31, 2011?
stine company uses a job order cost system. on may 1 the company has a balance in work in process inventory of 3710 and
Identify which basic assumption of accounting is best described - The economic activities of FedEx Corporation are divided into 12-month periods for the purpose of issuing annual reports.
Compute the after-tax profit of Falcon.Com separately for both the (1) FIFO and (2) LIFO methods of inventory valuation assuming the company has no expenses other than cost of goods sold and its income tax rate is 50%. Taxes are accrued currently ..
What is the difference between notes payable and notes receivable?
proceeds from an issue of debt securities having stock warrants should not be allocated between debt and equity
a useful by-product of the legislative process is legislative history which is used to help interpret the new law.
Using Excel show all formulas for following: Firm has current assets of 100 million and current liabilities of 50 million and goes belly-up.
on february 1 2013 fox corporation issued 9 bonds dated february 1 2013 with a face amount of 200000. the bonds sold
Using the data classification scheme presented in this chapter, identify and classify the information contained in your personal computer or personal digital assistant. Based on the potential for misuse or embarrassment, what information would be ..
montana timber company is in the process of of preparing its budget for next year. cost of goods sold has been
prepare an income statement from the followingaccounts receivable 39120
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