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Ingersoll-Rand manufactures specialized heavy-duty construction equipment. Included in a set of recent financial statements is the account "customers' advance payments," with a balance of over $15 million. The notes to the financial statements indicate that, although payments are collected in advance from customers, revenues are recognized when products are shipped. Products are normally shipped within six months of the advance payments. A. On what financial statement and in which section of that statement would the account "customers' advance payments" be found? B. Explain the accounting treatment associated wuth this account in terms of the principles of revenue recognition and matching. C. Under this accounting treatment, how are important financial ratios, such as earnings per share, the current ratio, and the debt/equity ratio affected (1) when the advance payments are received and (2) when the related goods are shipped?
On December 31, 2014, Hattie McDaniel Company had $1,203,100 of short-term debt in the form of notes payable due February 2, 2015. On January 21, 2015, the company issued 25,830 shares of its common stock for $38 per share, receiving $981,540 proceed..
If 5% of outstanding receivables will be uncollectable, and the balance in accounts receivable is 200,000, with an allowance account of 3,000 credit balance before adjust ment at the end of the year, what will uncollectible accounts expense be?
The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $900,000 with depreciation to date of $400,000 as of December 3..
the specific purposes of this project arenbsp1. apply to actual companies the basic knowledge and analytical techniques
Employee wages are paid twice a month, on the 22nd for the wages earned from the 1st through the 15th, and on the 7th o fthe following month for wages earned from the 16th through the end of the month. Wages earned from December 16 through December 3..
wakefield home is a private not-for-profit healthcare organization offering services for a fee. in first quarter of
What experience and interest do you have in global business and the global economy? How might the knowledge and skills associated with this course support your career or life aspirations?
Husky Inc. is considering a capital expansion project. The initial investment of undertaking this project is $214,500. This expansion project will last for five years. Husky has a capital structure consisting of 60% debt and 40% equity. The after-tax..
As you will recall from Unit 1, product costs include manufacturing overhead, as well as direct costs such as labor and materials. In Job-order costing this manufacturing overhead needs to be computed and included in the cost of the “job”. Why would ..
On December 31, 2010, Ace had 250 shares of common stock outstanding and its book value per share was $50 - What amount should Balt report in its December 31, 2010 balance sheet as investment in Ace?
Decline in value over time-Are registered bonds-Are bearer bonds.
Calculate the amount of the interest payments for bonds. Prepare the amortization table through 2012. Prepare the journal entry for December 31, 2011 to record the payment of interest and related interest expense.
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