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1.Assume that Amazon.com sells the MacBook Pro, a computer brand produced by Apple. Amazon arranges its operations such that customers receive products from Apple Stores rather than Amazon. Customers purchase from Amazon using credit cards, and Amazon forwards cash to Apple less a fixed commission that Amazon keeps above the normal wholesale MacBook Pro price. In this arrangement, is Amazon a principal or an agent? Why? Given that answer, would Amazon recognize revenue for the entire sales price of the MacBook Pro or only the amount of the commission received in exchange for arranging sales for Apple Stores?
ICANDO Pte Ltd is a medium size IT Company that was started in January 2011 by Dennis Tan. When the company was set up in 2011, Dennis did his own accounting but he later employed April, a fresh graduate, to help him in December 2011.
Tomba Corporation had 557,400 shares of common stock outstanding on January 1, 2014. On May 1, Tomba issued 34,200 shares. Compute the weighted-average number of shares outstanding if the 34,200 shares were issued for cash. Compute the weighted-avera..
You have completed a preliminary draft of the year-end financial statements and notes and have distributed it to members of the board of directors for review. According to your computations, the company will be reporting yet another loss—the third on..
Karen is single and is an active participant in her employer retirement plan. She contributed $5,500, the maximum amount allowable, to an individual retirement account (IRA)
Suppose that the annual interest rate this year is 5%, and financial market participants expect the annual interest rate to increase to 5.5%next year to 6% two years from now and to 6.5% three years from now. determine the yield to maturity on each o..
how much is your service? i need help with an accounting problem prepare an income statement using the single-step form
Compute the inventory turnover ratio for the fiscal year 2012. Also compute it for the fiscal year 2011. What conclusions can you make?
You are reviewing the December 31, 2009 financial statements of Ellie's Antiques that is considering an initial public offering of their shares. The following items come to your attention:
On December 31, it was estimated that goodwill of $6,000,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000 on April 1. Journalize the adjusting entry on December 31 for the impaired..
The common stock of Moe's Restaurant is currently selling for 575 per share, has a book value of $65 per share, and there are 1.07 million shares of common stock outstanding. In addition, the firm also has 115,000 bonds outstanding with a par valu..
this information determine the total stockholders equity reported in the companys balance sheet dated december 31,2007
A clothing manufacturing corporation donates last year’s inventory to the Red Cross for use in its disaster relief efforts. The clothes have a fair market value of $200,000 and a basis to the corporation of $75,000. What is its charitable contrib..
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