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You are the owner of a lawn service company (Grass Man). Your slogan is, “Who is that Grass Man?” Your company provides grounds and maintenance services to a range of corporate customers. Customers are expected to pay on the first of each month, in advance of receiving services. One of your corporate customers is an eldercare facility whose grounds you have maintained for many years. The customer has not paid for the last three months of service (from October through December of 2015); nevertheless, to maintain a positive relationship, your company continued to provide mowing and weed control services to the eldercare facility during that time. Your company stopped providing services in January of 2016 and found out in that same month that the eldercare facility filed for bankruptcy in September of 2015. Your company now believes that collection of the missed payments is extremely unlikely. Your company has already issued financial statements to lenders (for the period ending 12/31/2015) which reflected revenue and a corresponding account receivable related to this customer of $10,000 per month for services that your company provided to the eldercare facility. Those financial statements also reflected the company’s standard allowance (reserve) amount on receivables, of 4% of sales. In total, your company’s average monthly sales amount to $500,000. Evaluate whether finding out about your client’s bankruptcy indicates that you have a change in accounting estimate or an error in previously issued financial statements. Describe the accounting treatment (as required by the Codification) that appears to be more appropriate given the circumstances. State any assumptions that you make in reaching your conclusion. Make sure to use in-text citations for the part(s) of the Codification that you use, and explain your recommendation.
What should Tracker record as its current federal income tax liability at December 31, 2008, assuming a corporate income tax rate of 30 percent?
One very different aspect in not-for-profit industry, that affects the use and need for AIS specialization, is their handling of restricted funds. Non-profits receive money for specific purposes and these funds can not be spent anywhere else. Organiz..
-Show whether Mirna is behaving in a professional manner, Does this really make a difference, find what would you do if you Mirna
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 20,000 direct labor-hours would be required for the period’s estimated level of production.
Explain the Monetary principle.
The Columbus Company has three departments A,B, and C. Material requisitions amounted to $10,000, 8000, and 5000, respectively, for departments A, B and C. In addition $2000 of indirect materials were used during the period. What is the entry to reco..
Alpha has owned 100% of the share capital of Beta for many years. On 21 October 20x2, Alpha transferred a machine, purchased in June 20x0 for €100,000 to Beta for € 95,000. Both companies charge a full years’ s depreciation on all machinery owned at ..
What is the Cost of Goods Sold? What financial statement does it show up on? How does it relate to the “Matching Principle” in accounting?
Boyne Inc. had beginning inventory of $15,800 at cost and $28,600 at retail. Net purchases were $117,119 at cost and $178,900 at retail. Net markups were $10,400; net markdowns were $8,700; and sales revenue was $147,600. Ending inventory using the ..
Why do capital investment decisions require consideration of the time value of money? What is the difference between the discount rate used for net present value computations and the internal rate of return?
The summary of the payroll for the monthly pay period ending July 15 indicated
Assume that after the entries in part (a) wer made, a physical count revealed that ending inventory was actually 610 units. What additional entry is required? How does this affect your income statement?
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