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Pat's Electronics Division sells computers through agents in various cities. Agents send orders and down payments to our company. The division then ships the goods F.O.B. shipping point directly to the customers. Revenue is recognized at the point of sale. Additional Financial Data: Orders for fiscal year 2012 $ 3,000,000 Down Payments collected in 2012 $ 300,000 Billed and shipped in 2012 $ 2,400,000 Freight billed in 2012 $ 70,000 Commissions paid to Agents 10% Warranty Returns as % of Sales 1% Please Calculate the revenue to be recognized in fiscal year 2012 for each division of Patty Corporation in accordance with generally accepted accounting principles.
The viewpoint has been expressed that financial statement preparers are also the largest class of users of financial statements. Hence, the preparer has a unique ability to recognize user needs that the FASB does not really appreciate.
The CEO paid $1220 for an expensive dinner and spent $600 for the game. What is the deductible amount of these expenses?
Jastoon Co. acquired all of Wedner Co. for $588,000 cash in a tax-free transaction. On that date, the subsidiary had net assets with a $560,000 fair value but a $420,000 book value and income tax basis.
Indicate whether the increase, decrease, or have no effect on retained earnings - Declared cash dividend.
google party planners had a 40000 balance in accounts receivable and a 3000 credit balance in allowance for
Prepare an amortization schedule for the four-year term of the lease, the journal entry for the first lease payment on December 31, 2011, and the journal entry for the third lease payment on December 31, 2013.
How many boxes does Dandy Candy have to sell to break even?
S. Stephens and J. Perez are partners in Space Designs. Stephens and Perez share income equally.
When the auditor has the same level of willingness to risk that material misstatements will exist after the audit is finished for all financial statement cycles:
Prepare the appropriate journal entries on January 1 for the issuance of the bonds and on December 31 for the first interest payment assuming straight-line amortization.
during the year minot company produced 120000 drills for industrial equipment. minots direct materials and direct labor
What are the optional elements that are often included in an annual report? What are the elements of an annual report that are required by the SEC? Describe the contents of the Management Discussion.
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