How does your company account for sales returns

Assignment Help Accounting Basics
Reference no: EM13341982

Footnote Review. Please answer the following question based on Footnote 1 in your company's 10-K. If specific questions do not apply to your company please include an explanation.

A. When does your company record revenue from the sale of merchandise or services?

B. How does your company account for sales returns?

C. What cost flow assumption (e.g., FIFO, LIFO, or average cost) does your company use to measure and report its merchandise inventories?

D. What method of depreciation does your company use for its property and equipment?

Reference no: EM13341982

Questions Cloud

Prepare adjusting journal entries : Prepare adjusting journal entries as you deem necessary. Besides the information provided for adjusting journal entries, review the transactions and review your unadjusted trial balance for any other adjusting journal entries you may need to prepare.
Show both the source image/video and the resultant image : Write a short HTML report describing the details of each of the operations you wrote, perhaps with screen shots if needed. You should also include the 2 completed images after processing. Clicking on a link in the report should start your program.
Explain the activation energy requirement of the reaction : One of the ways catalysts increase reaction rates is by A. Providing a surface for the reaction to occur. B. Increasing the activation energy requirement of the reaction.
Demonstrate the capacity to communicate clearly with stake : Demonstrate the capacity to communicate clearly with stakeholders a range of options that should be considered by a business in an online environment and the ability to apply appropriate structure and referencing formats
How does your company account for sales returns : When does your company record revenue from the sale of merchandise or services and how does your company account for sales returns?
Explain the difference between the energy of the products : The difference between the transition state and the energy of the products. C. The difference between the energy of the products and the energy of the reactants. D. Undefined because it depends on whether the reaction is endothermic or exothermic.
Calculate the temperature if the gas is compressed : If 18.35 mol of helium gas is at 11.6 degrees C and a gauge pressure of 0.371 atm. Calculate the temperature if the gas is compressed to precisely half the volume at a gauge pressure of 1.22 atm.
Explain the speed of the reaction will never change : the reaction will be faster B. the reaction will be slower C. the reaction will take the same amount of time D. the speed of the reaction will never change unless a catalyst is added
Determine the final velocity of the cannon : A 250 g plastic ball is fired from a 4.0 kg toy cannon on wheels. After being fired, the cannonball above the ground at 24 m/s. Determine the final velocity of the cannon

Reviews

Write a Review

Accounting Basics Questions & Answers

  Present value of the pension obligation

On the basis of the information above, determine the present value of the pension obligation (liability).

  Differential operating profit

Assuming no changes are expected for the other food items, the differential operating profit for 2006 is:

  Calculate the monthly labour turnover rate

Calculate the monthly labour turnover rate and the equivalent annual rates under the three methods of labour turnover measurement..

  Compute the amount of goodwill acquired by winans

On September 1, 2010, Winans Corporation acquired Aumont Enterprises for a cash payment of $680,960. At the time of purchase, Aumont's balance sheet showed assets of $611,060, liabilities of $213,800, and owners' equity of $397,260.

  Process of monitoring the performance of senior executives

What is the process of monitoring the performance of senior executives and what is the structure of the board?

  Leased asset at the lease inception

If Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%, what is the amount recorded for the leased asset at the lease inception?

  Rebate expense and liability

What is the rebate expense and liability, respectively, shown on the 2007 financial statements dated December 31?

  Accounts receivable turnover question

Company has net sales onaccount of $1,500,000. Net accounts receivable at the beginning of the year are $600,000 and net accounts receivable at the end of theyear are $650,000. The accounts receivable turnover is:

  Compute the factory overhead volume variance.

The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit.

  What was their net income for the year

McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year?

  Weaknesses in internal controls

The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.

  What are the main types of asset being amortized

Answer the following questions based on the 2011 annual report of Proctor & Gamble Corporation (P&G). A link to the annual report is provided below. The financial statements are on pp. 31-74 of the annual report, and all questions can be answered ..

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd