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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tentative understanding with Mississipi Greater Gulf Coast Housing Development Corporation (MGGCHDC) to build a $100 M worth of modular housing‚ and also planned to diversify by leasing a 350 sq ft. plant in Gulf Port to be financed by industrial revenue funds to be approved by local voters. In 1971 SHC also revealed its plan to widen its target market by catering not only to public housing projects. It doubled its manufacturing facilities and created US Shelter Corporation‚ a subsidiary for construction
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October 20‚ 2017 Summary: This case focal point on the gross and net revenue recognition. The gross amount billed to a buyer for Spider has earned income (as a principal) from the sale of the goods or services. Also‚ the net amount restrain (that is‚ the amount billed to the buyer less the amount paid to a supplier) because Spider has earned a commission or fee as an agent. Should Spider record the revenue it earns from placing ads for various third-party advertisers on Web sites owned
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Fiat GROUP IAS/IFRS First Time Adoption March 30‚ 2005 Disclaimer This document was prepared to provide a general overview of the impacts of IAS/IFRS on the accounts of Fiat Group during the transition from Italian GAAP to IAS/IFRS As provided for in IFRS 1 – First-time adoption of International Financial Reporting Standards – the information is prepared in accordance with IAS/IFRS published as of December 31‚ 2004 and applicable as of January 1‚ 2005 Information presented in this
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Identification: o The main issue is when to recognize the revenue with respect to the new subscriptions‚ keeping in mind the incentive of management to present the financial statements in the best possible light to facilitate the loan from the bank. o The bank is the user of the financial statements and will likely want statements prepared in accordance with GAAP or IFRS‚ as they are more reliable and relevant.
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recognize revenue over the ski season on an anticipated usage basis‚ in this case equally throughout the season. The fact that the $450 price is nonrefundable is not relevant to the revenue recognition decision. Revenue should be recognized as it is earned‚ in this case as the services are provided during the ski season. Requirement 2 November 6‚ 2013 Cash 450 Unearned revenue 450 To record the cash collection December 31‚ 2013 Unearned revenue ($450 x 1/5)
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its liberal revenue recognition policies. Currently this company recognizes revenue on product sales upon written acceptance of the product. However‚ acceptance typically occurs prior to the configuration of a particular system being finalized or payment being received from the customer. According to the Generally Accepted Accounting Principles (GAAP)‚ revenue should be recognized when a transaction occurs and 1) the revenue is realized or realizable and 2) the revenue is earned. Revenue is generally
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References: Carlson‚ N. 2011. Inside Groupon: The truth about the world’s most controversial company. Business Insider (October 31) Financial Accounting Standards Board (FASB). 2012a. Revenue Recognition: Products—Recognition. Financial Accounting Standards Board (FASB). 2012b. Revenue Recognition: Principal Agent Considerations—Other Presentation Matters. ASC Section 605-45-45. Norwalk‚ CT: FASB. Groupon. 2011a. Form S-1: Registration Statement under the Securities Act of 1933. Filed with
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especially technology". Recent researches have shown that in automatic lip-reading systems there is a chance to achieve up to 55 % error reduction‚ and the low recognition rate in the acoustic only system (43%) is raised to 75% by the incorporation of visual information. Modern Computer-based lip-reading usages: In addition to speech-recognition‚ speech impaired aid and increasing robustness in noisy places; modern Computer-based lip-reading technology are also used for security issues‚ and would
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systems can offer bank-vault security against losing your work. CD and DVD drives have become essential for many applications. Thus‚ the right choice of peripherals can make a big difference. Read the Real World Case 2 about the use of voice recognition technology in health care settings. We can learn a lot about the future of the human–computer interface and its business applications from this case. See Figure 3.13 . Peripherals is the generic name given to all input‚ output‚ and secondary
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