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Our book distribution division sells to national bookstores. Our division allows for up to 25% of sales in returns. For the past 4 years, returns have averaged 20%.We record revenue based on revenue recognition when the right of return exists. Total Sales for 2012 $ 9,000,000 Sales Still Available for return for six months $ 2,000,000 Actual Returns on Sales not returnable 21% 2011 Sales collected in 2012 $ 2,500,000 2011 Sales returned in 2012 19% Required:
(a) We have studied several methods of revenue recognition. Define and describe each of the following methods of revenue recognition, and indicate whether each is in accordance with generally accepted accounting principles. -Point of sale.- Completion-of-production. - Percentage-of-completion. - Installment-sales.
(b) Calculate the revenue to be recognized in fiscal year 2012 for each division of Patty Corporation in accordance with generally accepted accounting principles. Show all calculations for full credit.
A company's overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used.
Work out factory overhead absorption rate for both normal as well as expected actual capacity.
The dividend is expected togrow at a constant rate of 6 percent a year. What stock price is expected 1 year from now? What is the required rate of return?
What items are usually included in an effective engagement letter? Have you seen an engagement letter at your workplace or familiar with one and how are you involved in the process? Please find an engagement letter and comment on it. - Answer 150-..
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If an available-for-sale investment is sold for which there are unrealized gains in accumulated other comprehensive income (AOCI), a reclassification adjustment affects other comprehensive income (OCI) in the period of sale by
warren corporations stock sells for 42 per share. the company wants to sell some 20-year annual interest 1000 par
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Carleton Service Center just purchased an automobile hoist for $15,000.The hoist has a 5-year life and an estimated salvage value of $1,080. Installation costs were $2,900, and freight charges were $820. Carleton uses straight-line depreciation.
Amit purchased two assets during the current year. Amit placed in service computer equipment (5-year property) on April 16th with a basis of $5,000 and furniture (7-year property) on September 9th with a basis of $20,000. Calculate the maximum dep..
what are the components of a budget? are they the same for every organization? why or why not? should every
examine and discuss how amazon employs the budget in developing the business strategy of the company indicating if the
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