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After reviewing the percentage of completion method for revenue recognition, discuss some of the inherent problems related to misrepresentation of income that come with using this method. Provide some actions that could be taken (internal or external) to prevent any type of fraud associated with using this method.Find examples of public companies that use the % completion method for revenue recognition. In doing so read the notes of their financial statements and identify how they disclose the reporting of their policies.
No dividends were paid the previous 2 years. If Koon declares $400,000 of dividends in the current year, how much will preferred stockholders receive if the preferred stock is cumulative?
Kentucky Enterprises purchased a machine on January 2, 2010, at a cost of $120,000. An additional $50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a sal..
X company bought many equipment and sub-lease them with some margin to its customers. Customers will own after the lease payments. Question: Can X company claim depreciation of these equipments given of sublease? X company claims deductions of lea..
Sigma company applies overhead cost to jobs on the basis of direct labour cost. Job A,which was started and completed during the current period,shows charges of 5,000 for direct materials,8000 for direct labour,and 6,000 for overhead on its job co..
General Motors Corp. is the world's largest automaker and has led the auto industry worldwide in sales since 1938. GM employs over 324,000 people worldwide, with manufacturing operations in 32 countries and sales operations in 200 countries.
Vincent's gifts for the year before considering the annual gift tax exclusion total
Tolan Co. purchased 60, 6% Irick Company bonds for $60,000 cash plus brokerage fees of $600. Interest is payable semiannually on July 1 and January 1. If 30 of the securities are sold on July 1 for $32,000 less $300 brokerage fees, the entry would..
How may financial managers budget for unforeseen changes and improveme. How may financial managers budget for unforeseen changes and improvements in information technology that require large capital outlays?
The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in Sep..
Delmar Company purchased a building on January 2 by signing a long-term $480,000 mortgage with monthly payments of $4,400. The mortgage carries an interest rate of 10 percent. The entry to record the first monthly payment will include a:
Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands.
Describe the effect of cost structure on profitability, including recommendations for each company given the current economic environment
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