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SensorIt. Inc believes the 6/30/16 sale to Albertson's ( 1,500 refrigeration sensor units) meets revenue recognition criteria and therefore the $275,000 sale on account should bebooked in 2016.
Additional Information
1. If the transcation is included , SensorLt Inc.'s senior managementwill receive bonus dollars totaling $225,000. If the Transaction is not included no bonus payout will take place for fiscal year 2016 perfomance
2. According to the accountant the following adjusting entry will be needed
DR COGS $120000
CR Inventory $120000
Please describe the impact of the above on financial staments and provide the relevant adjusting enteries.
Swasey, Inc. manufactures six models of leaf blowers and weed eaters. Prepare a sales budget by product and in total for Swasey, Inc. for the coming year.
what must auditors do to meet their obligations under professional auditing standards related to the observation of inventory?
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In Lin's net sales for the year ended December 31, 2010, how much should be included for the sale of this machine to Zee?
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