$54500 $36000 $110000 $55000 $55000 $29000 $26000 Answer 4: The Owner can prevent irregularities by the following ways:- Keep checking the Ratios at small interval of time. Taking Bank Reconciliation Statement. Matching the Revenue with Expenses. Take Consistency in method of recording the transaction. Case 3 Answer 1: Yes Lequita Adkins is a clever business person because Firstly she took a grace period of 90 days from 30 days‚ thereafter on final payment she also took
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Tiffany Fuentes Business Ethics April 11‚ 2014 Stretching the Principles of Revenue Recognition In the business world‚ not everything will work perfect to our advantage‚ but one thing people in the business world should always make sure to do is to be smart when making decisions. The best way to be smart on making decisions is following their own ethics as leaders. To be successful‚ there should not exist dishonesty‚ greed‚ or arrogance because these three factors will bring any business
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1. Years Ended December 31‚ 2004 2003 2002 Revenue (pre-tax) $99.6 $73.4 $56.1 Cost of sales (Revenue x 40%) ($39.8) ($29.4) ($22.4) Selling expense ($23.3) ($18.5) ($17.5) General and Administrative expense ($19.9) ($13.2) ($14.2) Depreciation and Amortization ($0.9) ($0.6) ($0.7) Other Income (expense) $0.0 ($1.4) $0.2 Net profit (loss)--GAAP $15.7 $10.3 $1.5 Add back amount eligible for capitalization Under SAB 104 (40% of total costs X 85%) $33
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kComprehensive Problem Weighted-Average Method The PVC Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion. Information on work in the first department‚ Cooking‚ is given below for May: Production data: | | Pounds in process‚ May 1: materials 100% | | complete; conversion 90% complete | 70‚000 | Pounds started into production during May | 350‚000 | Pounds completed and transferred to the next department | ? | Pounds in process
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Chapter 3 Case Study 3 page 111-112 May 25‚ 2009 E- Trade‚ Verizon Communications‚ AAA‚ and Others: Advances in the Business Applications of Speech Recognition Technology 1 The business benefits of the speech recognition systems at e-Trade‚ Verizon and others are to have less on hand personnel to handle calls that can be taken care of by automated voice technology. The limitations would be the lack of personal assistance and would be adding to
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Site Property Information 22 Site – Equipment 25 Site – Insurance 26 Site – Contact 27 Revenue Transactions 29 Tenant Lease Invoice Creator (Receivables) 29 Without Alternate Tenants 34 With Alternate Tenants 35 Recognition Schedule Entry 36 Journal Entry Processing 44 Create Recognition Journal Entry Action 47 Reverse Recognition Journal Entry Action 47 Stub/Reverse Stub on Recognition Amount 48 Building/Portfolio Maintenance (Cards > Property Site Management > Building
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purchasor. The software has never been sold without Laser for its functional necessity. In this memo‚ as explained below‚ we conclude that: 1. Eye Vision’s arrangement with Holland Hospital is not within the scope of ASC 985-605‚ Software: Revenue Recognition. 2. The deliverables in this arrangement are the Clear View Laser‚ embedded software‚ and maintenance plan‚ respectively. 3. The Clear View Laser together with embedded software and maintenance plan will be accounted for as separate units
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1:RELEVANCE: Information should be relevant to the decision making needs of the user. Information is relevant if it helps users of the financial statements in predicting future trends of the business (Predictive Value) or confirming or correcting any past predictions they have made (Confirmatory Value). Same piece of information which assists users in confirming their past predictions may also be helpful in forming future forecasts. Example: A company discloses an increase
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8 million as a current revenue was that this part of the contract was related to the delivery of the software. Since the product was shipped by the September 30th year-end‚ Longeta thought that they were allowed to do this under the revenue recognition principle. The reasoning for the $1.2 million being recorded as deferred revenue was that this amount corresponded to updates and technical support services which had not been performed at the year-end. This deferred revenue is listed on the liabilities
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authentication has boosted the Touchless Sensing market. In the overall Touchless sensing market‚ government application will be the highest revenue generator and lead the market from the demand side. Americas’ lead the Touchless sensing market for both sanitary equipment and Touchless biometric products; Europe follows shortly The concept of gesture recognition has come into major attention with the launch of Microsoft’s Kinect in 2010. The new and enhanced user experience offered by various technologies
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