Need help: You make a huge sale to a client worth $1M. It is December 31st,...
Need help:
You make a huge sale to a client worth $1M. It is December 31st, the last day of your accounting calendar. The client explains that they do not currently have room in their warehouse for the shipment but you are free to bill them today (therefore recognizing the revenue in the current year) and you can simply ship the merchandise to them in two weeks to allow them to make room in their warehouse (this means ownership of the merchandise has not transferred to the customer). Are you able to recognize this revenue in the current year? Why or why not?
Homework Answers
As per the revenue recognition definition, revenue can be recognized before delivery to customer if the revenue is realized and earned. Here, in this case, the vendor is ready to deliver goods to the customer but on customer's terms - delivery is made at a later date, hence, the revenue can be recognized in the current year before delivery of goods.
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You make a huge sale to a client worth $1M. It is December 31st,...
You make a huge sale to a client worth $1M. It is December 31st, the last...
You make a huge sale to a client worth $1M. It is December 31st, the last day of your accounting calendar. The client explains that they do not currently have room in their warehouse for the shipment but you are free to bill them today (therefore recognizing the revenue in the current year) and you can simply ship the merchandise to them in two weeks to allow them to make room in their warehouse (this means ownership of the merchandise...
I really need help with my case study please The case study references IKEA Soenso’s Furniture...
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Joan Holtz (A) was cre. Chapter 5 Revenue and Monetary se 135 cost of 00.00 was...
Joan Holtz (A)
was cre. Chapter 5 Revenue and Monetary se 135 cost of 00.00 was ap- actually received by the farm from the grain clevator operator. Full collection often took several months be- cause a grain elevator operator might keep wheat for a considerable time in the hope that prices would rise so the elevator company could sell at a higher price than that paid the farmer. Questions (Hint: Under the collection method, accounts re- ceivable are zero. Under...
you dont need numbers , just budgets that they are going to need to make Think...
you
dont need numbers , just budgets that they are going to need to
make
Think about your personal budget. How different do you think it is from a company budget? Understanding the different components outlined in a company budget, in addition to the order of completion, helps a business owner, professional, and/or student set reasonable and attainable goals. Budgeting is considered a benchmark document that is pertinent to setting goals and answering questions. Read the following scenario and complete...
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Just need help with the first two questions, please!
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Need help on questions 3 and 4 please! Accounting Cycle Review Project C. Brown recently expanded...
Need help on questions 3 and 4 please!
Accounting Cycle Review Project C. Brown recently expanded to open a 2nd fly fishing shop, CB's Fly Shop2. In order to finance the 2nd shop, C. Brown contributed $20,000 and raised another $50,000 from friends and family. With the additional cash, he is able to get his 2nd fly shop open and operational in June 2015. He is too busy with it being prime fishing season to do the accounting and has...
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please answer the problem as if you are putting them in the boxes simply. (prepare a...
please answer the problem as if you are putting them in the
boxes simply.
(prepare a trail balance sheet at july 31. trail
balances.
prepr income statement for july
Click to come the Daten-ellek to s t recent fiscal year, Flounder Computer Consultants post-closing trial balance was as follows: Debit Credit Accounts receivable Supplies $4,390 1,010 500 Accounts payable Unearned service revenue $340 940 3.000 Common stock Retained earnings 1.700 $5.900 $5,000 The company underwent a major expansion in July....
Make sure you prepare the journal entries and the adjusting entries, and write them in the practice...
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I need help calculating all kf these questions. Really stuck on all of them! Thank you!...
I need help calculating all kf these questions. Really stuck
on all of them! Thank you!
Year using the returns for the first three years. The next rolling ace would be calculated using the returns from Years 2. 3. and 4, and so on Using the annual returns for large company stocks and Treasury bills, calculate both the 5- and 10-year rolling average return and standard deviation. h Over how many 5-year periods did Treasury bills outreform Caree company stocks?...
Joan Holtz (A)
was cre. Chapter 5 Revenue and Monetary se 135 cost of 00.00 was ap- actually received by the farm from the grain clevator operator. Full collection often took several months be- cause a grain elevator operator might keep wheat for a considerable time in the hope that prices would rise so the elevator company could sell at a higher price than that paid the farmer. Questions (Hint: Under the collection method, accounts re- ceivable are zero. Under...
you
dont need numbers , just budgets that they are going to need to
make
Think about your personal budget. How different do you think it is from a company budget? Understanding the different components outlined in a company budget, in addition to the order of completion, helps a business owner, professional, and/or student set reasonable and attainable goals. Budgeting is considered a benchmark document that is pertinent to setting goals and answering questions. Read the following scenario and complete...
Just need help with the first two questions, please!
Accounting Cycle Review Project C. Brown recently expanded to open a 2nd fly fishing shop, CB's Fly Shop2. In order to finance the 2nd shop, C. Brown contributed $20,000 and raised another $50,000 from friends and family. With the additional cash, he is able to get his 2nd fly shop open and operational in June 2015. He is too busy with it being prime fishing season to do the accounting and...
Need help on questions 3 and 4 please!
Accounting Cycle Review Project C. Brown recently expanded to open a 2nd fly fishing shop, CB's Fly Shop2. In order to finance the 2nd shop, C. Brown contributed $20,000 and raised another $50,000 from friends and family. With the additional cash, he is able to get his 2nd fly shop open and operational in June 2015. He is too busy with it being prime fishing season to do the accounting and has...
please answer the problem as if you are putting them in the
boxes simply.
(prepare a trail balance sheet at july 31. trail
balances.
prepr income statement for july
Click to come the Daten-ellek to s t recent fiscal year, Flounder Computer Consultants post-closing trial balance was as follows: Debit Credit Accounts receivable Supplies $4,390 1,010 500 Accounts payable Unearned service revenue $340 940 3.000 Common stock Retained earnings 1.700 $5.900 $5,000 The company underwent a major expansion in July....
Make sure you prepare the journal entries and the adjusting entries, and write them in the practice set. All T-accounts with the proper balances should be prepared. There is a template of how to set up the T- Accounts in Excel at the end of the practice set. Make sure to include all accounts even if they have a zero balance and make sure that the zero is on the normal side of the account. Once all the balances are...
I need help calculating all kf these questions. Really stuck
on all of them! Thank you!
Year using the returns for the first three years. The next rolling ace would be calculated using the returns from Years 2. 3. and 4, and so on Using the annual returns for large company stocks and Treasury bills, calculate both the 5- and 10-year rolling average return and standard deviation. h Over how many 5-year periods did Treasury bills outreform Caree company stocks?...
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