The following is a list of account titles and amounts (in millions) reported at December 27, 2015, by Hashey, Inc. a leading manufacturer of games, toys, and interactive entertainment software for children and families:
| Accounts Receivable | $ | 1,098 | Equipment | $ | 478 | ||
| Accumulated Amortization | 733 | Goodwill | 583 | ||||
| Accumulated Depreciation | 488 | Inventories | 338 | ||||
| Allowance for Doubtful Accounts | 38 | Land | 8 | ||||
| Buildings | 228 | Licensing Rights | 1,867 | ||||
| Cash and Cash Equivalents | 668 | Prepaid Rent | 343 | ||||
Required:
In: Accounting
1What is the relationship between the form of elasticity (e.g. unitary) and total revenue?
2Define each of the following: a) elastic demand b) unitary demand c) inelastic demand.
In: Economics
What is the biggest difference between the marginal revenue curve for a monopoly and a monopolistically competitive firm?
Select one:
a. Advertising can shift the MR curve
b. Because of product differentiation, monopolistically competitive firms have more elastic demand and MR curves
c. Monopolistically competitive firms are price takers because of the many close substitutes
d. The MR curve is the same as the demand curve in the long run
In: Economics
Distinguish between an Exchange and Non-exchange transactions with regards to Revenue received by Not-for-Profits. In your answer, provide ONE example each to illustrate.
In: Accounting
What is the key point of revenue recognition?
| When cash changes hands between the buyer and seller |
| When control of the good or service passes to the customer |
| When customer agrees to acquire the good or service |
| When control of the good or service has passed to the customer and payment is complete |
Accounts Receivable should be reported in the balance sheet at which of the following?
| Lower-of-cost-or-market |
| Historical cost |
| Fair market value |
| Net realizable value |
At December 31, the balance in Newton Company’s allowance for uncollectible accounts had a debit balance, before adjustment, of $1,400. Newton uses the balance statement approach to estimate bad debts expense and determined that the balance of the allowance at year end should be $3.400. What adjusting entry does Newton need to make to record bad debts expense for the year?
|
Allowance for Uncollectible Accounts $3,400 Accounts Receivable $3,400 |
|
Bad Debts Expense $3,600 Allowance for Uncollectible Accounts $3,600 |
|
Bad Debts Expense $4,800 Allowance for Uncollectible Accounts $4,800 |
|
Bad Debts Expense $2,000 Accounts Receivable $2,000 |
When the LIFO method of costing inventory is in use, the seller:
| Assumes that the oldest units in inventory are sold first |
| Assumes that the most recently acquired units in inventory are sold first |
| Must sell the most recently acquired units in inventory first |
| Must sell the oldest unit in inventory first |
In: Accounting
In Question 18, our authors focus on the Revenue Recognition and Matching Principles to distinguish between the Income Statement and the Cash Flow Statement. Is there another way to think of the Cash Flow Statement? What type of statement might it be? Think about the two different bases of Accounting (cash vs accrual).
In: Accounting
90) The difference between a perfectly competitive firm's total revenue and its total cost is
A) always zero.
B) greatest at the profit-maximizing level of output.
C) always positive.
D) always negative.
91) Currently kidneys are allocated based on the needs of each perspective recipient, their blood type, and the urgency of their case. An alternative way to allocate kidneys is to go by the order in which patients were placed on the waiting list. In that case, the allocation of resources is made using
A) personal characteristics.
B) market price.
C) auction.
D) first-come, first-served
93) Suppose the price of a football is $20.00 and the price of a basketball is $10.00. The ________ of a football is ________.
A) relative price; 1/2 basketball per football
B) relative price; 2 basketballs per football
C) opportunity cost; $20.00
D) opportunity cost; $10.00
94) The supply curve for CDs shows the
A) maximum price that consumers are willing to pay if a given quantity of CDs is available.
B) maximum price that producers must be offered to get them to produce a given quantity of CDs.
C) minimum price that producers must be offered to get them to produce a given quantity of CDs.
D) minimum price that consumers are willing to pay if a given quantity of CDs is available.
In: Economics
"On a cost graph, take difference between the revenue rectangle (price times quantity) and the cost rectangle (average cost times quantity). Then you can find the firm's profit"
what is revenue rectangle and cost rectangle?
In: Economics
Explain one or two differences between general criteria for revenue recognition and same in the AASB 118 revenue recognition principles? please explain properly in point formats.
In: Accounting
what are the 5 division names for walmart and explain the different division revenue between walmart and the top firm industry, division market growth rate and the relative market share position
In: Accounting