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Assignment
1. What are the timelines for the new revenue recognition standard for companies to implement?
2. The new lease standard requires that leases will be included on the Balance Sheet. There is an exemption to this new rule. What obligations will be exempt from inclusion on the Balance Sheet?
3. Match the terms in Column A with the appropriate definition in Column B. Place your answer where indicated.
Column A
Column B
Transaction Price
When control over good or service is transferred to a customer
Discount
Amount that vendor expects to be entitled to for transferring goods or services
Performance Obligations
Approved agreement between two or more parties that creates enforceable rights and obligations
Satisfied Obligation
The price at which an entity would sell a promised good or service separately to a customer
Disclosure
Information about amounts in financial statements
4. The new Revenue Recognition standard includes extensive disclosures. At this point there are three methods that a public company can use to present these disclosures. List those methods.
5. When discussing foreign currency exposure, there is no easy formula for a company to prepare themselves. Risk cascades through a company or an economy and sometimes with little or no warning. What is a recommendation to minimize this risk?
Straight-line method of depreciation for previously recorded assets to the double-declining-balance method.
Rick Flowers needs a few new trucks for his business. He is considering buying the trucks but is concerned that the additional debt he will need to borrow will make his liquidity and solvency ratios look bad. What options does he have other than ..
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during 2012 ted and judy a married couple decided to sell their residence which had a basis of 162000. they had owned
After the scandal was uncovered, thousands of stockholders lost millions of dollars as Enron share values plummeted."
Angel Martin is a young entrepreneur who operates Martin Music Services, offering singing lessons and instruction on musical instruments.
Prepare a table to summarize the preceding transactions as they affect the accounting equation.
Services are software that are distinct units of business functionality residing on different parts of a network and can be combined and reused to create business applications (Pearlson & Saunders, pg. 384).
Production and cost data for the Molding Department
Harlan City, a small city with revenues less than $10,000,000 a year, is planning to issue its first set of GAAP financial statements for the year ended.
BE18-1 Manual Company sells goods to Nolan Company during 2014. It offers Nolan the following rebates based on total sales to Nolan.
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