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Heartsrings sells an assortment of gifts for any occasion During October Heartsring started a Gift of the month program Under the terms of this program beginning n the month of the sale, Hearstrings would select and deliver a random gift each month over the next twelve months to the person the customer selects as a recipient. Duting October Heartstring sold 25 of these packages for a total of $11,280 in cash.
Required:
For the month of October, calculate the amount of revenue that Hearstrings will recognize
In the case of convertible bond that are assumed to be converted and are dilutive, elucidate how they are handled for purposes of diluted EPS computations.
Wallace and Simpson formed a partnership with Wallace contributing $92,000 and Simpson contributing $72,000. Their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. When the Income Summary is ..
Assume that the company evaluates performance using residual income and that the minimum required rate of return for any division is 15%. Compute the residual income for each division.
Troy Baker Inc. reported these transactions during July. Beginning inventory was 1,000 units all at $50/unit. Find: Cost of goods sold, Value of ending inventory, and Gross profit if Troy Baker uses FIFO and a personal inventory system.
Calculate the ratios for Tom and Jerry ensuring you show your formula Return on assets and return on equity and Profit margin
Payments for inventory are 70% in the month following purchase and 30% two months following purchase-Evaluate the cash collections for December
Markowis Corporation sells three different models of mosquito zapper. Model A12 sells for $57 and has variable costs of $41. Model B22 sells for $103 and has variable costs of $76. Model C124 sells for $417 and has variable costs of $316.
questionfor each of the subsequent items suppose that josh feldstein cpa is expressing an opinion on scornick companys
A machine costs $500,000 and is expected to yield an after-tax net income of $15,000 each year. Management predicts this machine has a 10-year service life and a $100,000 salvage value, and it uses straight-line depreciation. Calculate this machin..
Assuming you desire to earn at least a 12% rate of return, should you make the investment (i.e., does the proposal have a positive net present value)? Explain how should uncertainty factor into the evaluation?
Consult Paragraphs 65-66 of PCAOB Standard No. 12 Based on your understanding of fraud risk assessment, what three conditions are likely to be present when a fraud occurs ( the fraud triangle)? Based on the information provided in the case, which of ..
Parker owned all of Odom Inc. Although the Investment in Odom Inc. account had a balance of $834,000, the subsidiary's 12,000 shares had an underlying book value of only $56 per share. On January 1, 2011, Odom issued 3,000 new shares to the public fo..
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