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CableCo, a customer of CoAx, has entered into a binding written agreement to purchase 1,000 feet of 18 American wire gage (AWG) coaxial cable for $3 per foot. Because CableCo is constructing a new warehouse, it is unable to take delivery of the cable and has requested in writing that CoAx store the cable in its warehouse until construction of CableCo’s warehouse is completed. CableCo’s warehouse will be completed three months from the time of purchase, at which time CableCo is required to take delivery of the cable. CoAx stores 18 AWG coaxial cable in 10,000-foot spools (spools of cable are considered finished goods and ready for shipment). CoAx will not physically segregate the cable that CableCo will purchase; rather, the Company will designate the quantity in its inventory tracking system as “sold,” thereby preventing the use of the cable to fulfill other customer orders. In other words, CoAx will “virtually” segregate the inventory. CoAx and its auditors have concluded the following with respect to the arrangement with CableCo:
Is it appropriate to recognize revenue? Where in FASB codification does it infer this?
Which one of the choices below is most correct regarding a cause of sampling? risk?
Why should decision makers focus only on the relevant costs for decision making?
Determine the amount of depreciation expense for the years ended December 31, 2010, 2011, and 2012, by the Straight-Line Method, the Units-of-Production Method, and the Double-Declining-Balance Method.
Several important assumptions underlie CVP analysis. Assumptions often help simplify and focus our analysis of sales and costs. A common application of CVP analysis is as a tool to forecast sales, costs, and income.
Calculation of no. of days in conversion cycle - how much cash would be freed up, and how would that affect pre-tax profits
You are an employee of Riordan Manufacturing, which has just gone through a company reorganization. You have been reassigned to a different position and are now the information technology (IT) assistant project director. Your supervisor has inform..
At June 30, 2004, the cash account in the general ledger of XYZ Company shows a balance of $16,200. The June 30 bank statement; however, shows a balance of $19,025. The only reconciling items consist of: Calculate the amount of the deposit in transit..
Determine the ratio of cash to monthly expenses as of December 31, 2004, 2003, and 2002. Round to one decimal place. Based upon (1) and (2), comment on OccuLogix's ratio of cash to monthly operating expenses for 2004, 2003, and 2002.
Volkan Company has cash of $10,000, Accounts Payable of $24,000, inventory of $16,000, and, equipment of $40,000. The company has short-term loan of $10,000, Accounts Receivable of $14,000, Salary Payable of $6,000 and Long-term loan of $10,000. The ..
Logitech Corporation transferred $105,000 of accounts receivable to a local bank. The transfer was made without recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%.
Colton Company sold stud that cost $240,000 for $600,000 on January 1, 2015. The profit to be recognized in the first year (2015) using the installment sale method of accounting is: The profit to be recognized in the second year (2016) using the cost..
On January 1, 2010, Huber Co. sold 12% bonds with a face value of $600,000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $646,200 to yield 10%. Using the effective-interest meth..
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