accounting

SATISFACTION OF PERFORMANCE OBLIGATIONS

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 Assume McDonald’s enters into a contract to sell Billy Bear dolls for Toys4U Stores.  Based on the contract, McDonald’s displays the dolls in selected stores.  Toys4U is not paid until the dolls have been sold by McDonald’s, and unsold dolls are returned to Toys4U.  Required: Has Toy4U satisfied its performance obligation when it delivers the … Read more

Accounting

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   Jerry Smith has decided to step away from the busy lifestyle of a lawyer and move to the beach. Jerry likes the beach lifestyle and wants to live a relaxed lifestyle at this stage in his life. He also wants something to do and some income so he does not get bored. He decides … Read more

Milestone Two (DB)

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Overview In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data. In Milestone Two, you will use your trial balance results from Milestone One to create financial statements. These financial statements will be part of the Summary Report that you will present to your … Read more

SUMMARIZING PROFESSIONAL LITERATURE

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 Select one of the articles listed as optional resources from any week in the course. You are required to submit a summary, which includes your own critical analysis of the article.  As you write the analysis, try to answer questions such as: Who is the intended audience for the article? Do you think the article … Read more

Consolidated worksheet

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  On January 1, 2020, Innovus, Inc., acquired 100 percent of the common stock of ChipTech Company for $670,000 in cash and other fair-value consideration. ChipTech’s fair value was allocated among its net assets as follows: Using Excel, compute consolidated balances for Innovus and ChipTech by completing the provided worksheet. 

discussion

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  Katie Murphy is preparing for a meeting with her banker. Her business is finishing its fourth year of operations. In the first year, it had negative cash flows from operations. In the second and third years, cash flows from operations were positive. However, inventory costs rose significantly in year 4, and cash flows from … Read more

ADJUSTING ENTRIES

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 This week’s Discussion once again will involve the public company’s financial statement that you chose in Week 1. Required: Look at that company’s balance sheet and income statement. Based on your readings this week, do you believe that any of the elements require adjusting entries?  Explain

Discussion

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In your initial post, consider the steps in the accounting cycle. In what order do you think the financial statements should be produced? Specifically, does the position of the closing entries make sense to you as described in the textbook, or does it make more sense to produce the statements in the order described in … Read more