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How may the departure from the principle of recognizing revenue only at the time of the sale be justified when a company uses the percentage-of-completion .
How does a company account for losses under the two methods of accounting for long-term construction contracts?
Under what circumstances does a company recognize revenue after the period of the sale? What two methods are used?
Distinguish between the initial franchise fee and continuing franchise fee. When is each recognized as revenue?
In a consignment, does the consignee or consignor retain title to the property? When is revenue recognized by the consignor?
Assume that the company has not yet delivered the item to its customer, but advances the recognition of revenue to the period of production.
The company contracts to produce and sell an item of inventory to a customer for $250. It costs $150 cash to manufacture the item.
Lark Corporation uses the percentage-of-completion method of accounting for construction contracts.
Assume Berry collected $150,000 in receipts from the sale of memberships.
Payments received by a producer for films that are licensed to movie theaters for two years, after which the rights are licensed to television networks.
You have $1,500.00 to convert in each currency. Compute the exchange amount for each.
Prepare a schedule of the Sampress Company's compensation computations for its compensatory share option plan for 2010 .
Prepare a schedule of the Seles Company's computations for its compensatory share option plan for 2010 through 2012 .
A company with potentially dilutive share options is preparing its financial statements under IFRS.
The unlimited talk and 2 GB data plan is priced at $55 per month. The $55 per month is Loud's current stand-alone price for this plan that is available.
Prepare the journal entries on Spath Company's books for 2010 and 2011.
Prepare the journal entries to record the issuance of the note, retirement, and any interest expense on the books of Webb .
How would the preceding information appear in the Ramden Company's balance sheets on December 31, 2010 and 2011?
Prepare the disclosures and/or journal entries Farmers Products should make in preparing its December 31, 2010 financial statements.
Discuss the accounting treatment in regard to the 2010 financial statements of Braino Tech. called for by GAAP concerning the described circumstances.
Prepare a partial balance sheet as of December 31, 2010 showing how the $1 million of short-term notes payable should be disclosed.
Assuming Yummy prepares monthly financial statements, indicate how the premiums and the estimated liability would be disclosed on Yummy's ending balance sheets
If no journal entry is recorded, explain how the information would be disclosed in Fallon Company's 2010 annual report.
For each of the preceding situations, prepare the journal entry that should be recorded as of December 31, 2010, or explain why an entry should not be recorded.
The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting.