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Chorkina Securities Division works through manufactures' agents in various cities. Orders for alarm systems and down payments are forwarded from agents, and the division ships the goods f.o.b. factory directly to customers (usually police departments and security guard companies). Customers are billed directly for the balance due plus actual shipping costs. The company received orders for $6,000,000 of goods during the fiscal year ended Nonmember 30,2008. Down payments of $600,000 were received and $5,200,000 of goods were billed and shipped. Actual freight costs of $100,000 were also billed. Commissions of 10% on product price are paid to manufacturing agents after goods are shipped to customers. Such goods are warranted for 90 days after shipment, and warranty returns have been about 1% of sales. Revenue is recognized at the point of sale by this division.
Compute the revenue to be recognized in fiscal year 2008 for the two operating divisions of Simona Amanar Industries in accordance with generally accepted accounting principles.
The purpose of the corporate earnings and profits is used to pay off dividends to the shareholders of the organization and to invest these funds further for the expansion of the business.
Casey owned stock in Jupiter Corporation that he donated to a university (a qualified charitable organization) on December 30, 2009. What is the amount of Casey's deduction assuming that he had purchased the stock for $10,000 on January 3, 2009, a..
Prepare schedules of accounts receivable, accounts payable, and inventory as at 30 April 2012, and reconcile these with the control accounts in the general ledger.
Design at least two tables that could be used in a database for the hosting of information of your selected accounting cycle revenue cycle.
A company produces and sells pillows. It expects to sell 10,000 pillows in the year 2012 and had 1,000 pillows in finished goods inventory at the end of 2011.
Although White fully expects to earn in excess of $100,000 in year 2 and year 3, the company believes it is more likely than not that it will incur a loss after year 3. The enacted tax rate is 25% in current and future periods. What will White rec..
Tonga Industries reported the following: Net Sales $450,000 Cost of goods sold $360,000 Operating expenses $60,000 Tax Rate 40% The net income is:
Compute the price of the bonds on their issue date. The following information is taken from present value tables: Present value of an annuity for 10 periods at 3%..8.5302
Sally and Tom are married, have three dependent children, and file a joint return in 2012. If they have adjusted gross income (AGI) of $90,000 and itemized deductions of $10,000, what is their taxable income for 2012?
The land originally cost Stark $85,000. Stark reported net income of $200,000, $180,000 and $220,000 for 2009, 2010, and 2011 respectively. Parker sold the land it purchased from Stark in 2009 for $92,000 in 2011. Which of the following will be in..
What would be the transfer price if the company uses a policy of setting the transfer price at variable cost plus a 20% markup?
What is meant by an entity's functional currency and what are the economic indicators indentified by the FASB to provide guidance in selecting the functional currency? Why is this an important question?
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