Reference no: EM131003942
1. Allocate revenue between different accounting periods in the following cases:
(a) Carolyn works as a freelance journalist. In November 20X1 she wrote an article for a magazine. The article appeared in the February 20X2 issue and she was paid in March 20X2. She draws up her financial statements to 31 December.
(b) Beker Industries manufactures and installs specialized telecommunications equipment at the premises of customers on behalf of Teleworks, a network operator. On 15 December 20X5 Teleworks placed an order with Beker Industries to manufacture and instal 210 specialized equipment items at the plant sites of its customers. Beker Industries had the items on inventory and shipped them to the customers' plants on 28 December 20X5. Beker Industries expects to instal the equipment by 5 January 20X6. Payment is due 14 days after installations of the goods.
(c) Standard International runs a small chain of bookshops. During the month of December 20X6 it sold books for an amount of €800000. It also sold €100 000 worth of gift certificates, 5 per cent of which were redeemed by customers for merchandise in the same month.
(d) Merseyside Ship-building Inc. receives an order to build a small cargo ship. The work starts on 1 July 20X2. At 31 December 20X2 the ship is 10 per cent complete, at 31 December 20X3 it is 80 per cent complete and the ship finally leaves the yard on 30 June 20X4. During this period Merseyside Ship-building received the following payments from the client: 31 July 20X2 €500 000; 1 January 20X3 €500 000; 30 June 20X3 €500 000; 31 December 20X3 €500 000; 30 June 20X4 €750 000; 1 January 20X5 €1 250 000 (final instalment).
(e) Wirral Electrical sells electric appliances wholesale. In November 20X1 it sold 20 fan heaters at €15 each to a retailer (Meols Stores) and in December a further 30 at €15 each to the same customer. In February 20X2 Meols Stores pays its outstanding account, subject to deduction of €30 for two defective heaters which it returned at the same time. In April 20X2 Meols Stores sends back a further heater, demanding a refund because it does not work. How would Wirral deal with this situation in its financial statements?
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