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Wal-Mart Stores provided the following disclosure in a recent annual report. New accounting pronouncement (partial) ...the Securities and Exchange Commission issued Staff Accounting Bulletin No. 101-"Revenue Recognition in Financial Statements" (SAB 101). This SAB deals with various revenue recognition issues several of which are common within the retail Indus try. As a result of the issuance of this SAB ... the Company is currently evaluating the effects of the SAB on its method of recognizing revenues related to layaway sales and will make any accounting method changes necessary during the first quarter of [next year]. In response to SAB 101 Wal-Mart changed its revenue recognition policy for layaway transactions, in which Wal-Mart sets aside merchandise for customers who make partial payment. Before the change, Wal-Mart recognized all revenue on the sale at the time of the layaway. After the change, Wal-Mart does not recognize revenue until customers satisfy all payment obligations and take possession of the merchandise. Instructions (a) Discuss the expected effect on income (1) in the year that Wal-Mart makes the changes in its revenue recognition policy, and (2) in the years following the change. Explain.
What is data redundancy? We know that the normalization breaks up large tables into smaller more manageable tables.
on january 1 2009 plymouth corporation acpuired 80 of the outstanding voting stock of sander company in exchange for
in a metal fabrication process metal rods are produced to a specified target length of 15feet.suppose that the lengths
a new cardiac catheterization lab was constructed at have a heart hospital. the investment for the lab was 450000 in
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Briefly explain a situation at your home, university, or job in which you think somebody used computers unethically. Be sure to include an explanation of why you think it was unethical.
a. What amount can Jackson claim as a tax deduction for salary and wage expense? b. How much can Jackson deduct as tax expense?
1. haywood company sells a single product with a contribution margin of 5 per unit fixed costs of 74400 and sales for
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Advantages and disadvantages of having several standard setters and several sets of standards.
aissued 100000 shares of common stock at 5 each 1000000 shares are authorized at 1 par value.bissued 10000 shares of
Discuss how gift and estate taxes are "unified." What is the impact of taxable gifts on the donor's death tax base?
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