Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Boreal Landscape Corp. (BLC) is a landscape design company located in North York, Ontario, that prepares its ?nancial statements using ASPE and has a July 31 year end. BLC provides gardening supplies and products as well as full landscape design services for residential properties. BLC is currently working on a project that includes design and installation of landscaping for the Thompson family. The project began in May 2021. The Thompsons pay BLC on a monthly basis for the services and products provided, and have always been prompt with payments. On July 31, 2021, BLC set aside 1,000 square feet of stone for the Thompson project in its warehouse. The total cost of the stone was approximately $5,000, and it was expected to be installed at the Thompson property sometime in August. BLC charges a markup of 50% to its customers on all stone purchases. The Thompsons agreed to this markup, as it is standard in the industry, but they wanted to see how the stone would look with their house before it was installed. If it was not to their satisfaction, they would continue to look for another stone. As of July 31, 2021, revenue and cost of sales relating to the stone for the Thompson project was included in BLC's income
Required -
a) Evaluate the revenue recognition criteria and determine whether revenue for the stone inventory related to the Thompson project should be recognized in the financial statements as at July 31, 2021.
b) Explain the impact of the conclusion in part (a) on the financial statements, if any.
Make the journal entry to adjust the carry-forward balances of the deferred tax asset and deferred tax liability
Correction of an error in the financial statements of a prior period discovered subsequent to their issuance.
What is strategic decision-making? Give three real world examples of several strategic decisions.
erca inc. produces automobile bumpers. overhead is applied on the basis of machine hours required for cutting and
How to report this transaction on the company's statement of cash flows and has asked you to research the FASB's Accounting Standards Codification (ASC)
Last quarter, total sales were $69,000 for mattress sets and $46,000 for bed frames. Compute King Mattresses total return on sales
Quoted market prices of Artichoke Co. stock in 2020 were: July 1 $30 per share. What is the effect on Net Income of Atlantic on the date grant
conan obrien logging and lumber company owns 4000 acres of timberland on the north side of mount leno which was
Breezy Company is disposing of equipment that was originally purchased for $600,000, What is the total amount of sunk cost
A Manufacturing, Trading, Profit, and Loss Account for December 31, 2018. List TWO items that would appear under current assets
What is a computer virus? Give at least three reasons why no system is completely safe from computer viruses
olbeat Corp. shows the following information on its 2015 income statement: sales = $251,000; costs = $156,000; other expenses = $7,900; depreciation expense = $18,400; interest expense = $14,400; taxes = $19,005; dividends = $11,500. In addition, ..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd