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disscution from the book skills for accounting reasrech 4th edition Using effective documentation (from chapter 4) write memo to your client discussing the new revenue recognition standard (see articl
disscution from the book skills for accounting reasrech 4th edition
Using effective documentation (from chapter 4) write memo to your client discussing the new revenue recognition standard (see articles/videos included in this section) and communicate how the new standard will impact their company. You can choose one particular area of the standard to discuss. You may want to consider discussing your own company/industry.
and case studys
3.7. Industry Research, Lease Adoption In their adoption of ASC 842 (Leases), companies in the travel and hospitality industry debated the question of whether hotel rooms are leases.Apply the research process to this question as follows: a. Research the industry—what are some companies that own or operate hotels? b. Locate disclosures from one of these companies to get a better understanding for how they describe hotel room rentals (both from a business and an accounting perspective). Review, for example, the latest 10-K for one of the companies you identified. c. Define the research question. d. Stop and think: What answer makes sense to you, and what are the potential implications of this judgment? e. Search for guidance. What guidance does the Codification offer that might address this issue? f. Analyze and document the alternatives. g. Conclude and justify your position
3.8 Identifying Researchable Questions Facts: Imports Inc. is a U.S. public company and has a calendar year-end. Imports purchases auto parts from Korea and sells them to domestic car dealerships around the U.S. On November 1, 20X1, Imports received a shipment on account of $400,000 worth of shocks and struts from its Korean supplier. Unfortunately, the parts were defective. Faced with commitments to deliver working parts to its own customers, Imports paid $200,000 on 11/15/X1 to a domestic third party to fix the defective parts. However, even after the repair effort, the shocks and struts remained defective.Imports has not yet paid the Korean company for the parts purchased.In early December, Imports requested repayment from the manufacturer for its costs of repair ($200,000). However, when the manufacturer refused to pay, Imports sued the manufacturer on 12/15/X1 for its amount invested ($200,000) plus an additional $100,000 for lost revenues.On February 2, 20X2, a U.S. court ruled in favor of Imports, awarding Imports Inc. $300,000, payable ratably in three monthly installments to begin on 2/15/X2.Required: 1. Identify Import Inc.'s researchable questions as of 12/31/X1 related to this series of issues. 2. Identify Import Inc.'s researchable questions as of 2/2/X2 related to this series of issues.
3.9. issues.Change in Estimate versus Error Correction Facts: Your company, PlumbAll, provides routine and quick-response plumbing services to a range of corporate customers. Customers are expected to pay on the first of each month, in advance of receiving services. One of your customers is a private school that has been a longtime cus-tomer. The customer has not paid for the last four months of services (September-December 20X1); nevertheless, to maintain a positive relationship, your company continued to provide services during that time. Your company ceased providing services in January 20X2 and found out in that same month that the school filed for bankruptcy in August. You now believe that collection of the missed payments is extremely unlikely.Your company has already issued financial statements to lenders (for the period ending 12/31/X1) that reflected revenue and a corresponding account receivable related to this customer of $11,000 per month for services provided to this customer. Those financial statements also reflected the company's standard allowance (reserve) amount on receivables of 3% of sales. In total, your company's average monthly sales amount to $300,000.Required: 1. Evaluate whether receipt of this information indicates you have a change in estimate or whether the customer's bankruptcy results in this event being considered an error in previously issued financial statements. 2. Describe the accounting treatment required by the Codification for each alternative. Support your explanations with draft journal entries. 3. Briefly state which treatment appears to be more appropriate given the circumstances, describing any assump-tions you made in concluding.