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Ingersoll-Rand manufactures specialized heavy-duty construction equipment. Included in a set of recent financial statements is the account "customers' advance payments," with a balance of over $15 million. The notes to the financial statements indicate that, although payments are collected in advance from customers, revenues are recognized when products are shipped. Products are normally shipped within six months of the advance payments. A. On what financial statement and in which section of that statement would the account "customers' advance payments" be found? B. Explain the accounting treatment associated wuth this account in terms of the principles of revenue recognition and matching. C. Under this accounting treatment, how are important financial ratios, such as earnings per share, the current ratio, and the debt/equity ratio affected (1) when the advance payments are received and (2) when the related goods are shipped?
Using the percentage-of-completion method of accounting for long-term contracts, the percentage of completion used to recognize gross profit in the first year usually is determined by measuring:
Suppose you are managing a stock portfolio that is currently valued at $2,000,000. You expect the stock market will be bullish in the next 3 months. How would you hedge against your portfolio value dropping below $1.7M in 3 months? Be specific with y..
Lee offered for sale $10,000 a machine that has been purchased for $17,500. If Whitney paid Lee $6,000 for the machine, the amount that Whitney would record in the accounting records for the machine is what?
Prepare the Acquisition analysis at 1 July 2011, the BCVR & pre-acquisition worksheet journal entries ONLY at 30 June 2014 , the BCVR, pre-acquisition and intra-group transaction worksheet journal entries at 30 June 2015, the consolidation worksheet ..
This course applies corporate finance concepts to make management decisions. Students learn methods to evaluate financial alternatives and create financial plans. Other topics include cash flows, business valuation, working capital, capital budget..
Evaluate the Level of Sales Required to Attain a Target Profit - Using the equation method, solve for the unit sales that are required to earn a target profit of $10,000.
Albertville has a material standard of 1 pound per unit of output. Each pound has a standard price of $26 per pound. During July, Albertville paid $132,200 for 4,950 pounds, which they used to produce 4,700 units. What is the direct materials price v..
A company is considering investing $350,000 in surface land rights and $600,000 in a steel warehouse building with both costs incurred at time zero. Manufacturing equipment costing $400,000 would be installed at time zero to generate carwash units to..
Jeans Co. manufactures a product requiring two processes, cutting and sewing. During August, partially completed units with a cost of 287,200 are transferred from cutting to sewing. Overhead is applied to the sewing department at 100% of direct labor..
calculation of cost of goods solditems 1 and 2 are based on the following information.nolan owns 100 percent of the
Buffalo Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available: The ending inventory balance of $412,000 included damaged goods at their original cost of $38,000. The net realizable..
Evaluate the consolidated balance for the Equipment account
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