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Given the following scenario, on what date would you recognize revenue if preparing financials under U.S. GAAP? Would your answer change if you were using IFRS? Explain your answers in detail.Scenario: Corky Motors is in its first year of operations and, as of December 30, has total revenues of $5 million, projected net income of $400,000, and total assets of $40 million . On December 31, a customer and Corky Motors agree to terms on the purchase of a new automobile for $37,000.
The customer signs and completes all paperwork for the sale but asks Corky to hold the full-payment check until he can complete financing with a local bank. Because the bank has already closed for the day, it will be January 2 before the customer can release the check to Corky Motors. The customer already has a $40,000 line of credit approved by his bank, The Corky Motors' credit manager reviews the customer's file and offers to finance the transaction through the dealership's financing company. The customer, however, wishes to use a local bank and declines the financing offer. The customer and Corky agree to leave the automobile on the dealership lot overnight so it can be properly serviced.
Briefly summarize the accounting techniques used by cendant to manipulate financial results. Catagorize each techniques into one of Schilit's Financial shenanigans
When you are preparing a Statement of Owner's Equity and have to subtract the investments to get the beginning capital, do you subtract the cash in bank? Is that an investment?
the general manager of qantas had two concerns the companys worsening cash position 3000 cash and no bank loan at the
williams corporation purchased a depreciable asset for 400000 on january 1 2010. the estimated salvage value is 40000
Work-in-process inventory was $12,000 at January 1 and $15,500at December 31. Compute cost of goods manufactured.
USAco's gross receipts for the year are $200 million. Under what circumstances would USAco be potentially subject to the Code Sec. 6662(e) substantial valuation misstatement penalty?
Which of the following would be considered advantages of the Small Cases Division of the Tax Court?
What entry should be made to record the receipt of the payment?
A corporation sold 14,000 shares of its $10 par value common stock at a cash price of $13 per share. The entry to record this transaction would include:
Discuss at least two specific examples of the expanding role of blogs in reporting and commenting on social, political, cultural, legal and sports issues.
one of the constraints of conceptual framework for financial reporting informationis material if its omission or
As of December 31, 2010, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of 2010, there was $2,000 of materials on hand. During the year, the company purchased $305,000 of materials;
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