Phillps, T. J., Luehlfing, M. S., & Daily, C.M. (2001, June). The Right Way to Recognize Revenue. Journal of Accountancy,…
05-1 The Revenue Recognition Topic provides guidance for transaction-specific revenue recognition and certain matters related to revenue-generating activities that are not addressed specifically in other Topics. Other Topics may contain transaction-specific revenue recognition guidance related to transactions in those Topics. This Topic includes the following Subtopics:…
There is one concern that I have in regards to the reporting of revenues and accounts receivable. My sole concern is the approach that management takes in reporting the company’s revenue. It was mentioned that management maintains a conservative approach in its accounting for accounts receivable, therefore it would be ideal to assume that they utilize the same approach for revenue recognition. However, auditors should thoroughly inspect RedPack’s revenue recognition approach…
Stuart is the sole owner and a material participant in a business in which he has $50,000 at risk. If the business incurs a loss of $80,000 from operations, Stuart can deduct the full amount.…
Ellen’s basis is $60,000. (12,000 that she paid in cash, and 48,000 purchase money liability).…
Kieso, D.E., Warfield, T.D., & Wegandt, J.J. (2010). Intermediate Accounting. Hoboken, New Jersey: John Wiley & Sons, Inc.…
XACC/291 – Week 4 Assignment Complete Exercises E10-6, E10-8, & E10-18. And Problems 10-3A & 10-6A. E10-6 Payroll Tax Expense $352.16 FICA Taxes Payable 198.40 Federal Unemployment Taxes Payable 19.84 State Unemployment Taxes Payable 133.92 (…
You should enter your name, date, instructor's name, and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires more than one page.…
$140 million and annual operating income was expected to be approximately $25 million. Given the latest…
Both codes require the same basic principles. The internal auditor and the fraud examiner must both remain unbiased, professional, and ethical in all decision making. If violations are found, each organization goes through a specific process of determining if an ethics violation has taken place, and it is then appropriately dealt with by the respective agency. With both agencies, any illegal acts are prohibited from a legal standpoint, and also establishes a violation of the ethics policy. Auditors and fraud examiners are not allowed to take assignments that they believe they do not have the expertise or experience to adequately handle.…
You are in your third year as an accountant with McCarver-Lynn Industries, a multidivisional company involved manufacturing, marketing, and sales of surgical prosthetic devices. After the fiscal year-end, you are working with the controller of the firm to prepare supplemental business segment disclosures. Yesterday you presented her with the following summary information:…
I am contacting you today to see if there is anything you can do about my grade in accounting 203. I am not sure you are aware of this but my father passed away a few weeks ago while I was in the course and I had to miss a week and a half of class. Before his passing I was doing well in the course and I received a 89 on the first exam, but after his passing and missing class and dealing with his estate my final was a 50 and I looked on banner and saw I received a 76 for the course. I am not saying I did not earn a C in the class because I did take the exams, but my mind was not mentally there is there any way I can do something to get my grade to a b-. I did email my professor but she did not email me back. There might be nothing you can do…
Adjustments - makes it possible to report on the balance sheet the appropriate assets, liabilities, and owners’ equity at the statement date. Adjusting entries also make it possible to report on the income statement the proper revenues and expenses for the period.…
The International School in Ikast-Brande (ISIB) is so popular that there was a need for new, larger premises. C.F. Møller Architects designed a new 2,600 sqm building with two floors of light brickwork. This includes a school, after-school and kindergarten in the extension of an existing training complex. The complex is designed like a small town with individual volumes located around a square and winding streets. The roof is covered by a flat roof with roofing felt and each building masses are separated by glass-aluminum sections in a darker tone. Throughout the building are omnipresent views to the green landscape and a pleasant natural light influx, creating a bright and friendly environment for the children and staff. Wood-aluminum windows are arranged in an interesting vibrant pattern that gives ample amount of natural light into the building. The International School with the new building can accommodate up to 200 students.…
Internal Audit Working Paper Physical Plant Audit Page: 8.3.1/1 Evaluate Annual Construction and Major Repair Costs Prepare: KRS Date: 12/08/93 List of Unfinished Projects Reviewer: BMT Date: 12/09/93 Project | Type | BeginningDate(M/YR) | Projected Ending Date(M/YR) | Projected Ending Date(M/YR) | | Wagner Greenhouse | C | 11/93 | 3/94 | $75,620 | VE | Wagner Pump Station | C | 9/93 | 2/94 | 250,182 | VE | Wagner Office Wing | C | 9/93 | 3/94 | 318,418 | VE |…