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Question 1: At the end of the year, Caribbean Cruise Lines reports current assets of $10.1 million and current liabilities of $10 million. These amounts include advanced payments of $1 million from customers in December for the cruises to be provided the following summer. Instead of treating the $1 million as deferred revenue, Eugene decided to count the cash received as revenue in order to make the current ratio higher. He reasoned that cash has already been collected and the company has a long history of providing cruises, so customers will be provided their cruise as scheduled.
Multiple Choice
Option 1: Recognizing revenue before providing service is acceptable, as long as nobody finds out outside the company.
Option 2: Recognizing revenue before it?is earned is not?ethical and violates GAAP.
Option 3: As past experience shows, the company always meets it obligation and it is acceptable to record the revenue immediately and improve the current ratio.
Option 4: Incorrect
Option 5: Eugene is helping the company and should be promoted.
Oilily has a market value debt-to-value ratio of 40 percent. - Oilily's pretax borrowing cost on new long-term debt in France is 7 percent.- What is Oilily's WACC in the French market?
Donald carter recently bought 100 shares of IMH preferred stock. The preferred stock pays $10 in dividends annually and is currently selling for $67.
refer to the feedback sheet attached to see where marks could be lost. you are not required to complete the
The equipment had an original cost of $200,000 when purchased on January 1, 2012. It has a 10-year useful life and no salvage value. Depreciation expense recorded prior to 2014 under the double declining balance method was $72,000.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a non-interest-bearing note requiring payments of $80,000 annually for 3 years.
ABC, Inc. had 50,000 shares of common stocks outstanding at January 1, 2013. On March 31,2013, an additional 12,000 shares were sold for cash. Megan also had $4,000,000 of 6% convertible bonds outstanding throughout the year.
The accountant plans to save $6000 per year at the end of the next 30 years to fund retirement. How much will the accountant have upon retirement
Create and maintain accounting records with Peachtree - generate financial reports for most small- to medium-sized businesses with Peachtree.
The bonds have a yield to maturity of 9%. What is the current market price of these bonds? Do not round intermediate calculations.
In Smalltown, Pennsylvania the demand function for men’s haircuts is given by Qd = 500 – 30p + 0.08Y, where Qd is quantity demanded per month, p the price of a haircut and Y the average monthly income in the town. If Y = $5,000 and w = $10, use Excel..
Which one of the following below should be added to net income in calculating net cash flow from operating activities using the indirect method?
multiple choice question based on basic accounts.1.a company started the year with 400 of supplies. during the year the
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