over 3 years ago

IFRS 15 “Revenue from contracts with customers”

IFRS 15 “Revenue from contracts with customers”Exercise: Scenario 1. Historically, about 8% of all the merchandise Asiago, Inc. sells is returned. On January 4, Asiago sold merchandise costing $40,000 to a customer for $62,000 on account. On January 17, Asiago refunded $3,200 for the return of some of the merchandise. On January 28, Asiago sold merchandise costing $12,000 for $15,000 on account. Assume the company uses a perpetual inventory system and all accounts are unpaid at the time of returns.Scenario 2. Ray’s Sporting Goods, Inc. shipped aluminum baseball bats on consignment to Martin Stores on April 6, 2019. The total cost of the bats is $31,000 with a retail value of $50,000. Martin agrees to accept the consigned merchandise and is eligible to receive a 15% commission on all sales. Martin sells the entire shipment to Anoi College and received cash on May 28, 2019, and notifies Ray’s Sporting Goods immediately.Scenario 3. ATickets.com sells discount airline tickets online. The company orders the tickets after a customer makes a purchase request. Atickets.com earns a flat fee of 25% of the totalnticket price. The company sold $1,000,000 in airline tickets during the current year and had collected $800,500 as of the end of the year. ATickets.com is an agent in this transaction and thus uses the net revenue reporting method of accounting for sales.Required:

Prepare the journal entries to record the sales, estimated returns, and the actual return in the scenario 1.
Prepare the journal entries to record the consignment sale transactions on both Ray’s and Martin’s books.
Record the sales transactions, the cash collections for the current year and the amount remitted to the airlines.

ravindra-gupta

almost 4 years ago

Management Fundamentals

five members of the board of a company. The preferences of each member are given below. How would you make

Q. Five candidates are approved for appointment as personal secretaries to five members of the board of a company. The preferences of each member are given below. How would you make allocations so that satisfaction level is maximized? Board Members Candidates 1 2 3 4 5 A 1 2 1 2 3 B 2 3 3 1 1 C 4 1 5 3 4 D 5 4 2 5 5 E 3 5 4 4 2

Eshun

almost 4 years ago

Management Theory

Should not Public Administrators have difficult to delegate authority to their subordinates during this lockdown period

the importance of delegation

jons-mortel

about 4 years ago

Marketing

How are we going to motivate the international channel members

Hiba-abu-zaineh

about 4 years ago

Management Accounting

Please please please help me homework help

Golden Company, which manufactures robes, has enough idle capacity available to accept a special order of 10,000 robes at $16 each. A predicted income statement for the year without this special order follows: Per Unit Total Sales revenue S25.00 $2.500,000 Manufacturing costs Variable 12.50 1,250,000 Fixed 3.50 350,000 Total manufacturing costs Gross profit 16.00 1,600,000 9.00 900.000 Marketing costs Variable 360 350,000 Fixed 2.90 290.000 Total marketing costs 6.50 650,000 S 250,000 Operating profit $ 250 If the order is accepted, variable marketing costs on the special order would be reduced by 25 percent because all of the robes would be packed and shipped in one lot. However, if the offer is accepted, management estimates that it will lose the sale of 2,000 robes at regular prices. a. What is the net gain or loss from the special order? b. Write a brief memo to management explaining why you think the company should or should not take the special order. (CPA adapted)

ibrahim-morad

about 4 years ago

Management Accounting

Scenario Mr. Soanso and his family have a 100-acre farm which they use for growing various crops

Mr. Soanso and his family have a 100-acre farm which they use for growing various crops. The family is planning to plant a mix of five crops (Beans, Cucumber, Sweet Corn, Tomatoes, and Watermelon) for the upcoming season, aiming for a high vield goal with 90% assurance level. Mr. Soanso is not planning to hire any external labor during the upcoming season - he will be making use of 2,000 hours of his own and another 5,000 hours of labor available from his family. There are sufficient amount of seeds and 300 tons of fertilizer available to utilize during the upcoming season. The table below provides details about the labor-hours and tons of fertilizer required per acre, as well as the total expected profit per ton for each of the potential crops under consideration. Beans Cucumber Sweet Corn Tomatoes Watermelon Crops Required Labor (Hours/acre) 95 50 85 60 70 Required Fertilizers (Tons/acre) 3.5 2 405 Expected Profit ($/ton) 568 649 730 486

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1-6 of 135

quynhtrang-tran

about 2 months ago

Finance

What is the primary (fundamental) objective of a firm? Explain?

A stock’s price in the market is based on the information investors have, but this information is not always complete.

Solved

nguyenmai123

6 months ago

Business Economics

Giúp mình lập ra bài toán quy hoạch tuyến tính của bài này với ạ

Công ty Hoxworth phải có lượng tiền mặt (ngàn USD) chi trả cho các năm sắp tới như sau:

Năm 1 2 3 4 5 6 Lượng tiền 190 215 240 285 315 460 Việc chi trả được tiến hành ở mỗi đầu năm. Việc đầu tư ngân quỹ được giới hạn ở gởi tiết kiệm (4%/năm) và công trái chính phủ (mệnh giá $1000) để có lượng tiền cần thiết hằng năm. Quỹ không đầu tư vào công trái sẽ được gởi tiết kiệm Công trái chính phủ Giá Lãi suất (%) Năm đến hạn 1 $1055 6.75 3 2 $1000 5.125 4 Lãi suất được trả hằng năm. Hãy xác định lượng tiền mặt cần thiết tối thiểu cho việc chi trả hằng năm. Nếu việc chi trả được thực hiện vào cuối năm, hãy thiết lập lại mô hình để phù hợp với sự thay đổi này. Hoxworth sẽ tiết kiệm được bao nhiêu nếu việc thay đổi được thực hiện?

dalibor-bajat

7 months ago

Jazz music

markoting kao najbolji izbor za biznis?

no details deal menager marketing

kingsley-pepple

10 months ago

Project Management

I need to know the concept and principal as well as application of Agile in project management methodology

Exam questions on MSc Project Management degree

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godspower-uduak

about 1 year ago

Organic Chemistry

Give reason to why ethanoate ions are called conjugate base of an ethanoic acid? Question 2Answer a. Because ethanoate is formed by the loss of proton from ethanoic acid b. Because ethaoate ion can donate another proton to water c. Because ethanoa

organic chemistry 203

Solved

chioma-cynthiana

about 1 year ago

Financial Accounting

What is the meaning of ordinary shares

Ordinary shares, also known as common shares, is defined as shares of a company that give shareholders the right to vote in the company's meeting and also an income in the form of dividends from the corporation's profits

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quynhtrang-tran

about 2 months ago

Finance