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A meeting of your accounting department is scheduled for early tomorrow morning. One topic of discussion is certain to be the appropriate adjustments to net income in your company's statement of cash flows using the indirect method of reporting operating activities. Hallway discussions have suggested some degree of uncertainty, particularly regarding unearned revenues, which are substantial for the company. Because your firm went public only seven months ago, this reporting issue is a new one for you and most other members of the department. In preparation for the meeting, you sought out the financial statements of Microsoft Corporation, knowing that it too had substantial unearned revenues. The operating activities section of the comparative statements of cash flows for Microsoft is presented below.
Required:
1. Locate the financial statements of Microsoft Corporation on the Internet. Search the disclosure notes for information about how Microsoft accounts for its unearned revenues. How is the undelivered portion of Microsoft's sales of Windows XP Professional recorded initially?
2. Why does the statement of cash flows include "unearned revenue" as an addition to net income in the operations section? Why is "recognition of unearned revenue" included as a deduction from net income? Why do you think Microsoft reported these two items separately rather than just adjusting net income for the change in the unearned revenue account balance?
3. Why is stock-based compensation added to net income?
evaluate the predetermined overhead rate logan products computes its predetermined overhead rate annually on the basis
A manufacturing company produces 80,000 units of product A at a total cost of $2.4 million. Total fixed costs are $1.4 million. If the company increases production by 25% and uses a 19% markup the price per unit will be:A) $31.54B) $30.80C) $51.80D) ..
Review the 2012 annual report of any (one) national aircraft company (listed in the Australian/ Malaysian or Chinese Stock Exchange) and comment on its depreciation policy in estimating the useful lives of long-lived assets, such as aircraft used ..
Journalize the transactions using a perpetual inventory system - enter the beginning cash and capital balances, and post the transactions. (Use J1 for the journal reference.)
The contribution margin is: A) $6 per unit B) $4.50 per unit C) $5.50 per unit D) $4 per unit
Compute the activity rates for the activity cost pools. Round off all calculations to the nearest whole cent
Should the product be marketed? Why? What is the expected value of perfect information about the success or failure of the product?
Describe how a flexible budget lends itself to cost-volume-profit analysis.
Which payment option would you prefer?
Sales in the first quarter of 2015 are expected to be 25% higher than sales in the same quarter in 2014 and prepare quarterly production budgets for each quarter and in total for 2014.
1. with reference to an example as to which monies received should be deposited and withdrawn from each bank account
The following accounts and corresponding balances were drawn from Geneses Company's 2014 and 2013 year-end balance sheets:
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