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Questions -
1. The company allows customers to return items for any reason within 45 days of sale. Management estimates that 10% of its sales in June 2021 will be returned in July 2021. According to GAAP, should the effect of these returns be recorded in the financial statements for the Year ended June 30, 2021 or for the Year ended June 30, 2022? Briefly explain your answer.
2. Fanatics sells products of all of the major sports leagues as well as player jerseys. Fanatics pays a 9% royalty on the related sales. During fiscal year 2020, Fanatics sold $36,000 of licensed products; the inventory cost of these sales was $19,325. The company has not paid any cash royalties yet related to these sales. Prepare the journal entries that Fanatics made in 2020 related to: 1) the sale of the licensed products and 2) the royalty expense.
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
Prepare the journal entry to record the acquisition of the assets.
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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