Reference no: EM13906282
Nicole's business uses the accrual method of accounting and accounts for inventory with specific identification. In year 0, Nicole received a $4,500 payment with an order for inventory to be delivered to the client early next year. Nicole has the inventory ready for delivery at the end of year 0 (she purchased the inventory in year 0 for $2,300).
a) When does Nicole recognize the $2,200 of gross profit ($4,500 revenue minus $2,300 cost of the inventory) if she uses the full-inclusion method?
b) When does Nicole recognize the $2,200 of gross profit from the inventory sale if she uses the deferral method?
c) How would Nicole account for the inventory-related transactions if she uses the cash method of accounting and her annual sales are usually less than $100,000?
d) How would Nicole account for the inventory-related transactions if she uses the cash method of accounting and her annual sales are usually over $2,000,000 per year?
|
Listen to both versions of tutti frutti
: Listen to both versions of "Tutti Frutti" by Little Richard and Pat Boone. Then compare and contrast the songs and describe the styles and characteristics of each song. In addition, connect them with themes of the Blues and Rock n Roll.
|
|
What is ambers tax basis in her ending inventory
: What is Amber's tax basis in her ending inventory after applying the UNICAP rules to allocate indirect costs to inventory?
|
|
Who is responsible for lookout point- advise paul
: While the others were reluctant, Paul climbed over the fence and walked to the edge of the cliff. He lost his balance and fell off the cliff and broke his leg. Paul wishes to sue the Willow Council who is responsible for Lookout Point. Advise Paul..
|
|
Requirements of flyhigh airlines
: The development team of SoftSols Inc. has revamped the software according to the requirements of FlyHigh Airlines and is in the process of testing the software. While testing the software, the team encounters the following issues:
|
|
How would nicole account for inventory-related transactions
: How would Nicole account for the inventory-related transactions if she uses the cash method of accounting and her annual sales are usually over $2,000,000 per year?
|
|
Describe the operation of a current mirror
: What effect do internal capacitances in the transistor model have on practical performance of a real system? How would you use these model values to predict system performance?
|
|
When would janine recognize income from the advance payment
: When would Janine recognize the income from the advance payment for inventory sale if she uses the accrual method of accounting and she uses the deferral method for reporting income from advance payments?
|
|
Calculate the maximum value of rn
: Calculate the maximum value of Rn if the resolution of the ADC is not to be adversely affected by thermal noise. Assume the ADC operates at 25°C.
|
|
Viewer features of the application
: Sharon has started to use both the stock details management and the file information viewer features of the application. However, while using the file information viewer application, she accidentally enters the path of a folder that does not exist..
|