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TQF received an order of frozen chicken breast meat from a recurring customer, Food Mart Aurora (FMA). TQF completed the production of the order on November 30, well ahead of the scheduled delivery date of December 9. TQF received $ 1,000 deposit from FMA for the order in early October when the order was initially placed, with the balance of $ 15,000 to be paid upon the final delivery of the order to FMA. In early December, FMA notified TQF that it could not take the order delivery until February 15, 2021 but they would honour all the payment arrangement set out in the original order. Ray believed that the reason for the delay was related to the recent COVID 19 pandemic with lower customer demand.
Problem 1: How would you explain how this effects the company financially?
Problem 2: Is it possible to create Journal entries?
Problem 3: Do you know what section this could be referred to in the CPA Handbook, Under ASPE?
Financial Statement Analysis and Preparation
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