the priority, status or timing of future measurements in development until such time that they have reached feasibility and/or received regulatory clearance” (SEC.gov, 2012). Inventories are listed at the lower of cost or market. Masimo utilizes the FIFO method (first in, first out) and includes material, labor and overhead. While revenue recognition is standard, meaning that it is recognized as goods or services are delivered, in accordance with ASU 2009-13 which prohibit companies from accelerating
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Calculation of Materiality: I calculated materiality based on adjusted total assets. Adjusted total assets are total assets adjusted for those accounts which aren’t affected by depreciation in this case Land. Adjusted Total Assets=Total Assets-Land 27,011,023-382,000 $26,629,023 Adjusted total assets serves as the base amount in my calculation of materiality. If the base amount is Over $10,000,000 But Not Over $50,000,000 planning
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Financial Reporting Problem II Are the assets included under the company’s current assets listed in the proper order? Explain your answer. How are the company’s assets classified? ASSETS Cash and cash equivalents $ 15,659 $ 17,148 Marketable securities (Note 6) 20,284 18,618 Finance receivables, net (Note 7) 71,510 69,976 Other receivables, net 10,828 8,565 Net investment in operating leases (Note 8) 16,451 12,838 Inventories (Note 10) 7,362 5,901 Equity in net assets of affiliated
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underwriters with many years of experience, from going to Golden Gate. Fruitvale Branch is in serious trouble and in need of major changes if they wish to become profitable again. We focused on three major causes of the problems at Fruitvale. First, the FIFO method is not strictly enforced at Fruitvale. Employees prioritize RUNs and RAPs over RAINs and RERUNs. The general belief is that new policies are more profitable for the company so employees give the highest priority to RUNs and RAPs. RERUNs are
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Restaurant Layout The layout of every restaurant is the most crucial as it helps in creating an atmosphere that is either satisfying, or one that could bring negative emotions. The following screenshots are from the SketchUp 8 software which was used to create the restaurant layout in a 3-D effect. Detailed information about the product flow will be given in the following chapter. In addition, the traffic flow of the restaurant would also be presented in the following chapter. Figure 1 Top view
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Financial Report Analysis 1. Ford uses a single-step format in its income statement because it is broken into only two divisions, revenues and expenses. The expenses are deducted from the revenue to arrive at net income 2. Net income: 2013 – 7,155,000,000 Earnings per common share: 7,155,000,000 – 1,574,000,000 / 3,913,000,000 = $1.42 3. Gross profit: 2013: 146,917,000,000 – 141,478,000,000 = 5,439,000,000 2012: 133,559,000,000 – 127,678,000,000 = 5,881,000,000 4. Interest expense: 2013:
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The financial statements of a global manufacturing firm differ from those in the service or merchandising industry primarily with transactions related to material, labor, and overhead. A manufacturing company has three basic inventory accounts: raw materials, work in process, and finished goods. (Goosen, pp. 31-46) Because the cost of goods manufactured is critical, a manufacturing company typically has a statement called cost of goods manufactured. The accounting for overhead in a manufacturing
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Assignment 1 –FAC501 | Challenges facing the accounting profession and how I see them affecting me in the future with regards to IFRS companies submitting IFRS on US stock exchanges? Macdonald Felix Rusoto Muchemedzi Student Kaplan University As the Stock exchange affords different investors the opportunity to actively trade in the non-US companies and also provide an avenue for non-US companies to raise capital will the investment and accounting community be able to fully understand
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e7.0 WAREHOUSE OPERATIONS 7.0 WAREHOUSE OPERATIONS To capitalize on warehouse operations, a number of best practices can be adopted to improve productivity and overall customer satisfaction. Although best practices vary from industry to industry and by the products shipped there are a number of best practices that can be applied to most companies. Best practices here are concerned with: • • • • • • • • • Housekeeping Customization Deterioration Special storage facilities Stock location Loss prevention
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CHAPTER 1 Costs Costs can be defined as the resource expended towards the accomplishment of a specific objective. Costs are usually measured in monetary terms being the amount that has to be paid for goods and services, usually raw materials and labor. Costs are broadly classified into actual and budget costs. Actual costs are historical while budgeted are projected to occur in the future. Costs are either direct or indirect. Direct costs are costs that can be traced directly to the cost object
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