Recognizing revenue for the membership fees
Sam's Club (part of the WalMart consolidated operations) collects annual non-refundable membership fees from customers. When should Sam's Club recognize revenue for these membership fees?
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Assume that Quinn Jewelry Co. uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories at $102 million.
At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $20,000 and the allowance for uncollectible accounts is estimated at 10% of gross receivables?
CarMax Inc. reports sales of $6,973,966 thousand and cost of sales of $6,005,796 thousand for the year ended February 28, 2009. The gross profit for the year is:
The packages would be sold for $200 each. She would pay $2,000 to Computer Conventions, Inc., for the booth-rental for the convention. Assume there are no other costs.
Thirty $1,000 bonds with a carring value of $38,400 are convereted into 3,000 shares of $5 par value common stock.The common stock had a market value of $9 per share on the date of conversion. The entry to record the coversion ?
Mendez Corporation issues 3,000,10-year,8%,$1,000 bonds dated January 1,2010,at 103.the journal entry to record the issuance will show a ?
A corporation issues $500,000,10%,5-year bonds on january 1,2010 for $479,000.Intrest is paid semiannually on january 1 and july 1.If the corporation uses the straight -line method of amortization of bond discount,the amount of bond intrest expens
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