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Nicole’s business uses the accrual method of accounting and accounts for inventory with specific identification. In year 0, Nicole received a $4,500 payment with an order for inventory to be delivered to the client early next year. Nicole has the inventory ready for delivery at the end of year 0 (she purchased the inventory in year 0 for $2,300). a) When does Nicole recognize the $2,200 of gross profit ($4,500 revenue minus $2,300 cost of the inventory) if she uses the full-inclusion method? b) When does Nicole recognize the $2,200 of gross profit from the inventory sale if she uses the deferral method? c) How would Nicole account for the inventory-related transactions if she uses the cash method of accounting and her annual sales are usually less than $100,000? d) How would Nicole account for the inventory-related transactions if she uses the cash method of accounting and her annual sales are usually over $2,000,000 per year?
Assume that all cost are fixed, except supply cost, which are variable. furthermore, assume that the clinic must pay taxes at a 30 percent rate. construct the clinic's projected P&L statement. What number of visits is required to break even? What num..
People often say that, more and more, businesses are faced with fixed costs. What evidence can you find for this? Cite a clear example (not directly from the textbook) of a cost that is becoming more fixed than it has been in the past, and give reaso..
Mr. Borrow wants to knowthe definitions of Collateral, Continuing involvement, financial asset, and Derecognize. Write a memo to Mr. Borrow with the results of your research.
Determine 2010 net income under cash basis and accrual basis
What is the accounting rate of return? Compute the accounting rate of return for an investment that requires an initial outlay of $300,000 and promises an average net income of $100,000.
Calculate the material quantity, mix, and yield variances - Calculate the labor efficiency, mix, and yield variances.
Radley and smithers share income and losses in a 2:1 ration after allowing for salaries to radley of $24,000 and $30,000 to smithers. Net income for the partnership is $48,000.
Truck Company trades its used delivery trucks for a new models at Greenwich GMC. The used trucks have a book value of $60,000 (original cost $140,000 less $80,000 accumulated depreciation). The new trucks have MSRP of $80,000. Prepare the journal ent..
Storm Tools has formed a new business unit to produce battery-powered drills. The business unit was formed by the transfer of selected assets and obligations from the parent company. Prepare a monthly comprehensive budget plan for Storm's new busines..
question i briefly explain the organization you are working for one in which you are familiar with.what is likely to be
Maria's Tennis Shop, Inc., had Cash Flow to Creditors of $-1,130,000. The firm also had Cash Flow to Shareholders of $-1,815,000. If the firm's net capital spending for 2009 was $810,000, and the firm reduced its net working capital investment by $20..
What are the global issues that are an important part of the profit center evaluation for Glamour Inc.? Using this information and a spreadsheet system, prepare a contribution income statement for Glamour.
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