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Problem 1: Mr. Armstrong is the president of Galaxy Co., a private company. He has come to you, Galaxy Co. controller, because he doesn't understand why you did not record a large order shipment of goods from the Galaxy Co. warehouse that occurred on January 5, 2021, in fiscal 2020. Mr. Armstrong is of the view that the revenue from the order should be included in fiscal 2020, since the order was shipped almost immediately after December 31, 2020 yearend, and because Galaxy Co. spent a large portion of fiscal 2020 working to fulfill this one-time shipment. Using the revenue recognition criteria, explain why Mr. Armstrong is incorrect.
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
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Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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