1. What is the impact of the December 1993 shipments of conventional lenses to Bausch and Lomb 1993 financial statements? Is the impact significant? The impact was:- i) Increased revenue by $22M ii) Reduced inventory by 1.8 million pair. Based on the COGS of 45%‚ this could mean a reduction in inventory of close to $10M. iii) There is very little increase in SG&A as not much was spend in terms of sales effort. iv) AR increased significantly with some of the promissory notes are payable in
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equipment and an extended warranty contract? Approach number one‚ the Full revenue recognition is the most consistent due to the reasons which are demonstrated on exhibit two according to the Financial Accounting concept No.5. As stated in this exhibit‚ Revenues must be both realized and earned prior to the recognition. In this case‚ after selling the goods and services Circuit city at that point of sale both revenue and earnings have been realized because goods have exchanged hands. At this
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balance sheets‚ statements of cash flow‚ management comments‚ and footnotes to financial statements‚ to explain how each current asset and liability account has affected cash management strategies. This paper also includes an assumed forecasted revenues increase of 20% for 2013. As a stakeholder‚ shareholder‚ or investor the ability to gain a brief‚ yet fundamental understanding of Apple‚ Inc.’s operational controls in reference to their current assets and liability accounts through the information
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The membership fees recorded as revenue when received in Costco’s financial statement in 1998 according to the cash accounting. * Was this correct? If not‚ what accounting principle does it violate? No. It violates the revenue recognition principle because they did not provide services to members when they pay the membership fee during this fiscal year. It can only record this item as unearned revenue under the liabilities and change them into revenue at the end of the year. * How did
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Increasing brand recognition internationally can up the quantity of these fans. Marketing to increase loyalty in this consumer segment could also lead to greater profits per international fan. The other side of the Real Madrid coin is the amount of revenue attributable to each player. In the case of David Beckham‚ at signing‚ he had a net present value exceeding €16M for the club. The Galácticos Strategy had to eventually come to an end‚ however. So much talent could not share the spotlight forever
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ACTG 2010 Winter 2013 Final Exam-AID Package Tutor: Balpreet Singh (bsingh13@schulich.yorku.ca) Preface This document was created by the York University chapter of Students Offering Support (York SOS) to accompany our ACTG2010 Exam-AID session. It is intended for students enrolled in any section of Introduction to Financial Accounting – ACTG2010 course who are looking for an additional resource to assist their studies in preparation for the exam. References Friedlan‚ John. Financial
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CHAPTER 3 The Accounting Information System ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions 1. Transaction identification. 1‚ 2‚ 3‚ 5‚ 6‚ 7‚ 8 2. Nominal accounts. 4‚ 7 3. Trial balance. 6‚ 10 4. Adjusting entries. 8‚ 11‚ 13‚ 14 5. Financial statements. 6. Closing. 12 7. Inventory and cost of goods sold. 9 8. Comprehensive accounting cycle. *9. Brief Exercises Exercises Problems 1‚ 2 1‚ 2‚ 3‚ 4‚ 17 1 2‚ 3‚ 4 1‚ 2‚ 7‚ 8 5‚ 6‚ 7‚ 8‚ 9‚ 10‚ 20 1‚ 2‚ 3‚ 4
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Providence‚ Bahamas region and has been experiencing declining revenues and unprofitability for the past three years as a result. Other resorts that have been able to specialize in certain segments of the diving industry have been doing well over the past years as the industry continues to grow. CDR must look for opportunities in the diving industry to find a unique niche and gain a competitive edge that will lead to an increase its revenues. The SWOT analysis (Exhibit 1) looks at the current state of
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Solutions to Problems and Exercises TABLE OF CONTENTS * Chapter 1 1 Concepts for Analysis 1-5 1 Concepts for Analysis 1-6 2 Concepts for Analysis 1-10 3 Concepts for Analysis 1-11 3 * Chapter 2 4 Brief Exercise 2-3 4 Brief Exercise 2-4 4 Brief Exercise 2-5 4 Exercise 2-3 5 * Chapter 3 6 Exercise 3-6 6 Exercise 3-9 6 Exercise 3-11 8 Exercise 3-14 10 Exercise 3-15 10 Exercise 3-16 10 * chapter 4 12 Exercise 4-2 12 Exercise 4-4 13 Exercise 4-5 16 Exercise 4-12 17
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17. _f____ 18. _b____ 19. c_____ 20. e_____ 21. _a____ 22. a_____ 23. b_____ 24.c _____ 25.b _____ 26. b_____ 27. b_____ 28d. _____ 29. _d____ 30. _f____ 1. A city’s General Fund general ledger includes accounts called Estimated Revenues‚ Appropriations‚ and Encumbrances. This indicates that the city a) formally integrates its budget into its accounts. b) uses a cash plus encumbrances basis of accounting. c) maintains its accounts on an accrual basis. d) erroneously reports
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