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Consider the following contracts that a company has entered into: The company sold product to a customer, shipping the product on 10/27 for an agreed-upon sales price of $3,000. The customer can pay $2,800 to fully settle the bill by 11/10 (i.e. there's an early-pay discount), or must pay the full $3,000 thereafter. The product cost the company $1,900 to make in September of 2015. The customer paid the bill on 11/10. The company ordered maintenance services from a supplier. The company paid $500 up front on 10/15. The services are rendered evenly during the 2-week period of 10/25 to 11/07. The company borrowed $1,000 on 10/31. The contract calls for equal payments of interest of $30 every 6 months for the next 4 years, after which the company will re-pay the principal of $1,000. An earthquake hits a town on 10/30 where the company owns a production facility, causing $250,000 in damage to company assets. The company carries insurance on its productive assets. The insurance company processes the company's claim, and notifies the company on 11/28 that it will pay for 80% of damage some time in December. Say that the company prepares financial statements at the end of each month. 1. Prepare a separate timeline for each transaction to formally show when the company is impacted by each transaction or event over the months of September, October, and November. 2. Under cash basis account, what would the company report in each financial statement (balance sheet, income statement, and cash flow statement) for: a. September? b. October? c. November? 3. Under accrual basis account, what would the company report in each financial statement (balance sheet, income statement, and cash flow statement) for: a. September? b. October? c. November? (For practice purposes as well as to organize your work, feel free to use journal entries and/or T-accounts.) This is what I have so far.
godert pharmaceutical company has several scientists working in the labs trying to prepare an anti-aging drug. the cost
Evaluate IBM's Earnings per Share (basic), and Identify the factors most responsible for the increase in IBM's earnings.
the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.
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a condensed balance sheet for bradford corporation prepared at the end of the year appears as follows assets
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contributed capitalpreferred stock par 20 authorized 10000 shares. ? issued of which500 shares are held as treasury
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Provide all journal entries pertaining to Martin's line of credit for the first four months of 2013.
TRY Mediation of Eau Claire County is a group of mediators who collaborative help families and individuals in need of mediation. The group contains many professionals who seek to advocate for the truth, and uses the skills of mediation to help fa..
on july 1 2013 dipco bonds issued 750 10-year 1000 par value bonds paying 6 meanwhile other bonds in the market of
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