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Wal-Mart Stores provided the following disclosure in a recent annual report. New accounting pronouncement (partial) ...the Securities and Exchange Commission issued Staff Accounting Bulletin No. 101-"Revenue Recognition in Financial Statements" (SAB 101). This SAB deals with various revenue recognition issues several of which are common within the retail Indus try. As a result of the issuance of this SAB ... the Company is currently evaluating the effects of the SAB on its method of recognizing revenues related to layaway sales and will make any accounting method changes necessary during the first quarter of [next year]. In response to SAB 101 Wal-Mart changed its revenue recognition policy for layaway transactions, in which Wal-Mart sets aside merchandise for customers who make partial payment. Before the change, Wal-Mart recognized all revenue on the sale at the time of the layaway. After the change, Wal-Mart does not recognize revenue until customers satisfy all payment obligations and take possession of the merchandise. Instructions (a) Discuss the expected effect on income (1) in the year that Wal-Mart makes the changes in its revenue recognition policy, and (2) in the years following the change. Explain.
Purchasing has identified a company that will pick up the damaged and unusable pallets and process them into wood chips, which this company then sells. The cost of this service is $1.25 per pallet.
Determine the impact on the balance sheet accounts if the following information is not used to adjust the accounts of Mood Food Company for the month of January, 2012. Round answers to the nearest dollar.
How would you describe Blue Niles' cost structure?Is Blue Niles' cost of sales higher or lower than competitors with bricks and mortar jewelry store? "
What is a massively parallel processing computer system? How is grid computing different from such a system? How is it similar?
Looking forward to next year, if Chester's current cash amount is $17,478 (000) and cash flows from operations next period are unchanged from this period and Chester takes ONLY the following actions relating to cash flows
use the following selected data from success systems income statement for the three months endedmarch 31 2014 and from
julian berta and maria own 400 shares 400 shares and 200 shares respectively in jbm corporation with earnings and
GDP understates the value of output produced by an economy because it
using the appropriate interest table answer the following questions. each case is independent of the others.a what is
fresh cut corporation purchased all the outstanding common stock of premium meats for 12600000 in cash. the book value
List the financial statements a business most disclose and define each. Discuss how inventory should be used by the manager to maximize profit.
The General Fund, a Special Revenue Fund, or an Enterprise Fund. Indicate the circumstances in which each of these fund types might be appropriate.
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