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1. On December 28, 2011, Tristar Communications sold 10 units of its new satellite uplink system to various customers for $25,000 each. The terms of each sale were 1/10, n/30. Tristar uses the gross method to account for sales discounts. In what year will income before tax be affected by discounts, assuming that all customers paid the net-of-discount amount on January 6, 2012? By how much?
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On May 31, 20x1, Jake obtains a bank statement from Ninth-Bank. According to the bank statement, the business bank account of Jake's Computer Sale and Repair has an ending balance of $33,895 on May 31, 20x1. The cash account in the books of Jake's..
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What is pro forma reporting according to regulation SX of the SEC? How has pro forma reporting been used by corporations over the years? Summarize the arguments for and against this type of reporting.
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Name and describe the major sections of the classified balance sheet. How is the classified balance sheet different than the balance sheet discussed in week one? What are some of the benefits in using a classified balance sheet?
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