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1. Revenue Recognition-Membership Fees Midwest Health Club offers one-year memberships.Membership fees are due in full at the beginning of the individual membership period. As an incentive to new customers, MHC advertised that any customers not satisfied for any reason could receive a refund of the remaining portion of unused membership fees. As a result of this policy, Richard Nies, corporate controller, recognized revenue ratably over the life of the membership. MHC is in the process of preparing its year-end financial statements. Rachel Avery, MHC's treasurer, is concerned about the company's lackluster performance this year. She reviews the financial statements Nies prepared and tells Nies to recognize membership revenue when the fees are received. Answer the following questions.
(a) What are the ethical issues involved?
(b) What should Nies do?
raptor company is considering replacing equipment which originally cost 500000 and which has 460000 accumulated
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How do the causal factors discussed in the chapter affect corporate governance structures in different countries?
Include your analysis of how the revenue recognition concepts we have studied are in conflict with how the company originally reported their revenue and why you believe the restatement is required.
based only on the information provided for each scenario determine whether eddy or scott will benefit more from using
Generally Accepted Accounting Principles (GAAP) applicable to state and local governments require that only the government funds and proprietary funds should be established.
The Partnership of D, E, and F has the following account balances just prior to the liquidation of the partnership: Cash, $90,000; Noncash Assets, $570,000; Liabilities, $300,000: D, Capital, $120,000; E, Capital, $180,000; and F, Capital, $60,000..
What is a fiscal year?
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The old press had an adjusted basis of $5,000 and the new press has a fair market value of $30,000. What is Kahil's recognized gain or loss and the basis of the new press?
louisiana luggage components manufactures handles for suitcases and other luggage. depending on the sizw of the
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