Introductory Financial Accounting Lecture Week 5 Receivables Summer Semester 2014 Greg Cusack www.fbe.unimelb.edu.au Learning Objectives At the end of the lecture‚ students should Be able to apply the revenue recognition principle to determine the accepted time to record sales revenue for typical retailers‚ wholesalers‚ manufacturers and service companies. To understand the recording and management implications of credit sales‚ including the offering of sales discounts and the estimation
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THE ZALE CORPORATION Zale Corporation is a leading specialty retailer of diamonds and other jewelry products in North America. The Company has significant brand name recognition as a result of each of its brands’ long-standing presence in the industry‚ having 2.349 stores in the United States‚ Puerto Rico and Canada. The Company´s vision “provide customers with quality merchandise at the lowest possible price” has remain the same since its first store opening in 1920´s. The Mission of Zale Corporation
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computer integrated-systems design sector. Total SAIC personnel consists of 41‚100 employees worldwide (Hoover’s‚ 2012). SAIC secures over 90% of its revenues from the U.S. government‚ primarily serving the Department of Defense‚ the Department of Homeland Security‚ the U.S. Army‚ and the U.S. Navy. (Hoover’s 2012). Exhibit 1: 2012 Sales Revenue Generated by SAIC ’s Defense Business Sector: 40% of Total Sales SAIC Operates in 5 Major Applications: * Cyber Security * Energy and Environment
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suggesting a two-tiered solution for Jurlique: 1. 2. Remain in China and focus on revenue growth. Refine marketing and branding to better communicate the company’s core competencies and values. As a result‚ Jurlique can create sustainable growth leveraging on its current strengths‚ yielding revenue between 200 and 250 MM by 2018. Believe 100% in Nature. Do you? 5 Situational Analysis Source: 6 Key Issues Drive for revenues growth Risk of conflict with parent company Risk of alienating core customers
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Company)‚ a rapidly growing online coupon merchant was forced by the SEC to file a restated S-1 registration statement. The reason for the restatement was that the SEC objected to the accounting methods that Groupon used in the calculation of its revenue‚ causing it to be overstated. According to Villanova University (2012)‚ Groupon’s auditors at Ernst & Young stated that Groupon was not setting aside sufficient funds to cover potential refunds to customers and this was allowed to persist due to
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THE INTERNAL REVENUE ALLOTMENT OF THE MUNICIPALITY OF CAINTA‚ RIZAL SUBMITTED BY: DELA PEÑA‚ DOROTHY ANN DESTRIZA‚ LYRA JANE MAGUNDAYAO‚ TRICIA JANE PS1122 OCTOBER 21‚ 2014 The Municipality of Cainta which was founded in 1571 is located in the Province of Rizal in Region 4-A or so called CALABARZON (which stands as Cavite‚ Laguna‚ Batangas‚ Rizal and Quezon). The municipality is considered as a first-class urban municipality in the Province of Rizal with a land area of 26.81 km2 which was
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Case 8.1: Laramie Wire Manufacturing: Using Analytical Procedures in Audit Planning 1. Perform analytical procedures to help you identify relatively risky areas that indicate the need for further attention during the audit‚ if any. 2. Focus specifically on each of the five management assertions (existence or occurrence‚ completeness‚ valuation or allocation‚ rights and obligations‚ and presentation and disclosure) for the inventory account. Link any risks you identified for this account
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3 years to complete drug X from the execution of the agreement • The PEI will contribute funds to the development of X and is entitled to receive future royalties from Pharmagen in return o The PEI will receive royalties associated with future revenues of X (if/when it has been successfully developed) o The PEI will also receive future royalties associated with an existing commercialized drug for a defined period 3. Present your answer and the GAAP that supports your position. Use GAAP
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resorts‚ studio entertainment‚ consumer product and interactive media. Brand recognition‚ have strong image in their animation film through worldwide. Customer loyalty to their product is high. Largest worldwide licensor of own cartoon character based merchandise. Increasing trends in overall revenues and profits‚ after acquired different companies such as Pixar‚ Marvel‚ and UTV they able to increase their profits and revenue annually from this acquired strategy. WEAKNESSES Interactive Media- overall
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tax benefit) Reasons for differences in BS changes vs cash flow numbers: write-offs‚ noncash transactions‚ translation adjustments‚ acquisitions Ways to manipulate: securitization via SPEs‚ exchanges listed as sales and purchases. Revenue and Expense Recognition Realized and earned: Persuasive evidence of an arrangement exists; Delivery has occurred or services have been rendered; The seller’s price to the buyer is fixed or determinable; Collectibility is reasonably assured. Gross vs net:
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