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AAA Big Store is a regional retailer of toys and games. The average cost of goods sold is 45% of average selling price. The AAA Big Store has decided to offer it's customers the lay-a-way option to pay for purchases. The new program has the following key points. When a customer places the goods on lay-a-way they sign a six month contract and pay 10% of the selling price. Over the next six months they make payments on the remaining 90% of the lay-a-way amount. The dollar amount of each payment is determined by the customer. When the goods are paid in total the customer takes the goods home. If the customer changes their mind and cancels the contract or if at the end of six months the product is not totally paid the company sends the customer a check for 95% of the payments made and keeps 5% as a service fee.
1. Prepare sample accounting journal entries for each step of the lay-a-way plan. Add any accounts to the company's chart of account that are needed. State if the added account(s) are assets, liabilities, revenue, expense, ect.
2. According to GAAP which accounting period(s) should the income and expenses be reported? Why? As normal use accounting terms in your explanation.
Which of the following pertains primarily to the planning of fixed overhead costs?
Is it favorable or unfavorable? What amount of the book-tax difference is permanent and what amount is temporary?
The gross margin that the company would disclose on an absorption-costing income statement is:
Because of the uncertainty for the future cash flows and the discount rate, we cannot complete the balance sheet if we do have the income statement first. (a) Please discuss for how the uncertainty is related to earnings quality. (b) Can the uncer..
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $24 per unit. Variable costs are $10.80 per unit, and fixed costs total $174,000 per year.
If 12,500 units are produced, what is the total of fixed manufacturing cost incurred to support this level of production?
Jane decided to resign from her current job, at which she earned $58,000 each year. She started her own business by using her $100,000 savings on which she was earning 5 % interest. In first year, her revenue was $150,000 and her costs were as fol..
The company estimates that the non-guaranteed residual values on generators are equal to an average of 10 percent of the historical cost of the generators. Finance Here Sales & Service can expect that:
Examine the effect of both full-cost and variable-cost transfer pricing methods on Phipps' cash flows by using a spreadsheet program such as Excel.
If the company maintains a constant 7 percent growth rate in dividends, what was the most recent dividend per share paid on the stock?
Ignoring income taxes, what amount should be reported in the 2010 income statement as the net income or loss under 'discontinued operations' ?
What constitutes a pledge or contribution? When does a not-for-profit organization recognize pledge revenue and contribution revenue? How do contributions differ from exchanges?
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