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The realization principle determines when a business should recognize revenue. Listed next are three common business situations involving revenue. After each situation, we give two alternatives as to the accounting period or periods in which the business might recognize this revenue. Select the appropriate alternative by applying the realization principle, and explain your reasoning.
a. Airline ticket revenue: most airlines sell tickets well before the scheduled date of the flight. ( period ticket sold; period of flight)
b. Sales on account: In june 2015, a San Diego based furniture store had a big sale, featuring " No payments until 2016". ( period furniture sold; periods that payments are received from customers)
c. Magazine subscriptions revenue: Most magazine publishers sell subscriptions for future delivery of the magazine. (Period subscription sold; periods that magazines are mailed to customers)
Western Outfilters Mountain Sports projected 2008 sales of 75000 units at a unit sale price of $12.00. Actual 2008 sales were 72000 units at $14.00 per unit. Actual variable costs, budgeted at $ 4.00 per unit, totaled $4.75 per unit. budgeted fixe..
What is the posterior probability of success given a favourable survey result? What is the maximum the firm should be willing to pay for the market survey?
What are the segment reporting rules under the FASB, and how do they differ from the IFRS? How are they similar? Which set of rules provides more useful information to investors, and why?
Calculation of cost per equivalent units - What is the cost per equivalent unit for direct labor
Consider a function that relates tax revenues R, in billions of dollars, to the average tax rate t such that: R=350t-500t^2 a)What tax rate(s) is consistent with raising tax revenues equal to $60 billion? b)What tax rate(s) is consistent with raisin..
If total assets increase by 5 percent, will Avon's ROA next period be higher, lower, or the same as in the current period?
On September 1, Leather Supplies, Inc., purchases 150 shares of Western Wear Clothing for $13 per share. On November 1, Leather Supplies sells the investment for $17 per share. Record the transactions made by Leather Suppliers for the purchase and sa..
Monroe Construction Company uses the percentage-of-completion method of accounting. In 2015, Monroe began work on a contract it had received, which provided for a contract price of $15,000,000. Other details are as follows: cost incurred during 2015 ..
Horizon Corporation manufactures personal computers. The company began operations in 2002 and reported profits for the years 2004 through 2009. Due primarily to increased competition and price slashing in the industry, 2010's income statement reporte..
An investor has two options to choose from a)$7000 after 1 year b)$10000 after 3 years.assuming the discount rate of 9% which alternative he should opt for?
A Company’s experience shows that 30% of its sales are for cash and 70% are on credit.An analysis of credit sales shows that 50% of credit sales are collected in the month following the sale, 45% are collected in the second month, and 5% prove to be ..
This resulted in a loss of $4,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2008?
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