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Regal Department Store sells gift certificates, redeemable for store merchandise, that expire one year after their issuance. Regal has the following information pertaining to its gift certificates sales and redemptions:
Unredeemed at 12/31/Y1 $ 75,000 Year 2 sales 250,000 Year 2 redemptions of prior year sales 25,000 Year 2 redemptions of current year sales 175,000 Regal's experience indicates that 10% of gift certificates sold will not be redeemed. In its December 31, year 2 balance sheet, what amount should Regal report as unearned revenue?
What is target costing? Suppose a hospital was offered a capitation rate for a covered population of $40 per member per month. Briefly explain in simple terms how target costing would be applied in this situation.
Suppose Francine Dunkelberg’s Sweets is considering investing in warehouse-management software that costs $550,000, has $75,000 residual value, and should lead to cost savings of $130,000 per year for its five-year life. What is the accounting rate o..
An agency has single-year, multi-year and no-year appropriations. On October 15, 2014, the agency tried to create several transactions. Is the agency authorized (allowed legally) for the following? The appropriation has sufficient funding to pay for ..
How many services will be offered to produce the revenue (by month)? Look at patient days. How much labor will be required (FTEs)? What will the labor cost?
Financial Statement Analysis and Preparation
Northwest Paperboard Company, a paper and allied products manufacturer, was seeking to gain a foothold in Canada. Toward that end, the company bought 40% of the outstanding common shares of Vancouver Timber and Milling, Inc., on January 2, 2016, for ..
journal entry for capital asset purchase including trade in.jane geddes engineering corporation purchased conveyor
Tony, a nonresident alien, owns and breeds race horses. Tony enters his star horse in the Kentucky Derby, the Preakness Stakes and the Belmont Stakes, where he wins some purses. While in the United States, Tony buys and sells 100 shares of Proctor & ..
Casas Modernas of Juarez, Mexico, is contemplating a major change in its cost structure. Currently, all of its drafting work is performed by skilled draftsmen. Rafael Jiminez, Casas’ owner, is considering replacing the draftsmen with a computerized d..
A road needs to be resurfaced now at a cost of $1,400,000 and it will need to be resurfaced again every seven years forever at a cost of $1,800,000. Determine its perpetual equivalent annual worth (in years 1 through infinity) at an interest rate of ..
Prepare journal entries for the following treasury stock transactions. Assume that all three happen in order when preparing each entry. Instructions: Prepare journal entries for the above transactions.
Green Timber reported net income of $57,000?; depreciation expenses of $11,000?; a gain on a land sale of $1,000?; and a decrease in Accounts Receivable of $500. Under the indirect? method, net Cash Flows from operations? is
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