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Q1: BC sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2018, a customer purchases €2,000 of products. Assuming that based on prior experience, estimated returns are 20%. The cost of goods sold is €1,000. What is the journal entry to record the expected sales return and cost of goods sold?
Q2: Peabody Construction Company enters into a contract with a customer to build a warehouse for $950,000 on March 30, 2018 with a performance bonus of $50,000 that will be paid based on the timing of completion (July 31, 2018). The amount of the performance bonus decreases by 10% per week for every week beyond the agreed-upon completion date. The contract requirements are similar to contracts that Peabody has performed previously, and management believes that such experience is predictive for this contract. Management estimates that there is a 60% probability that the contract will be completed by the agreed-upon completion date, a 15% probability that it will be completed 1 week late (August 7, 2018), only a 10% probability that it will be completed 2 weeks late (August 14, 2018) and only a 15% probability that it will be completed 3 weeks late (August 21, 2018). What is the transaction price for this transaction?
Show the effect of each event on the elements of the financial statements using a horizontal statements model like the following one.
Write a 1,050- to 1,750-word paper in which you answer the following questions: What business decisions could be made using the income statement
Use this information to determine the dollar amounts that should be reported by Alpha Company during 2017 for the following items: Dividend Income
duncan brooks needs to borrow 500000 to open new stores. brooks can borrow 500000 by issuing 5 10-year bonds at a price
What costs are sunk? What costs are relevant? What other items should the company consider when making this decision?
AMCE, Inc. is considering adding a loyalty program in which its customers can earn points for discounts in lieu of running storewide promotions. Additionally, ACME would collect information on its customers' shopping transactions, which allow ACME..
acme fireworks uses a traditional overhead allocation based on direct labor hours. for the current year overhead is
Determine how the holders of the instruments view the advantages and disadvantages of holding each instrument
Select a specific industry and share what you feel are the one or two specific skills necessary in that industry to interpret their financial statements. Explain with examples.
There are 500,000 shares authorized, 300,000 shares issued, and 250,000 shares of common stock outstanding. What is the earnings per share
Cash sales are normally 25% of total sales, The total amount of cash expected to be received from customers in September is
the framework used to record and summarize the economic activities of a business enterprise is referred to as the
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