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C7. BusIness applICatIon ? Robert Shah, a sales representative for Quality Office Supplies Corporation, will receive a substantial bonus if he meets his annual sales goal. The company's recognition point for sales is the day of shipment. On December 31, Shah realizes he needs sales of $2,000 to reach his sales goal and receive the bonus. He calls a purchaser for a local insurance company, whom he knows well, and asks him to buy $2,000 worth of copier paper today. The purchaser says, "But Robert, that's more than a year's supply for us." Shah says, "Buy it today. If you decide it's too much, you can return however much you want for full credit next month." The purchaser says, "Okay, ship it." The paper is shipped on December 31 and recorded as a sale. On Janu- ary 15, the purchaser returns $1,750 worth of paper for full credit (approved by Shah) against the bill. Should the shipment on December 31 be recorded as a sale? Discuss the ethics of Shah's action.
Record the events under an accounting equation and after all events have been recorded, Lang's obligations to creditors represents what percent of total assets?
Available-for-sale securities are securities that management expects to sell in the future, but are not actively traded for profit.
a on july 1 2009 prism inc. borrowed 30000 from firstbank on a one year 10 note payable. interest is payable onjune 30
statement preparation the following information is taken from the accounting records of grimball cardiology at the
for the year beta had beginning total liabilities of 30000 and ending total liabilities of 20000. during the year total
adirondack paper mills inc. has paper plants in augusta maine and tupper lake new york.nbsp warehouse facilities are
Ethical principles and examples.
Drake Company's income statement for the most recent year appears below:
What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?
initially purchase ppe for 140.useful life is 3 years and salvage value is 50. it is depreciated on a straight-line
In accounting for short-term debt expected to be refinanced to long-term debt: (a) GAAP uses the authorization date to determine classification of short-term debt to be refinanced.
Elibert Company accumulates the following summary data for the year ending December 31, 2014 for its water Division, which it opertes as a profit center:
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