2. Suppose a customer buys an iPhone from Apple for $500 on January 1, 2010. The cost of the iPhone to Apple is $350. Assume that the customer is entitled to upgrades over the next two years. Use the following financial statement effects template (FSET) to illustrate the financial statement impacts for Apple of the customer's iPhone purchase on the date of the initial purchase and at the end of each of the two years following the initial purchase under generally accepted accounting principles (GAAP).
GAAP | Assets | = | Liabilities | + | Owners' Equity | | Revenues | Expenses | Net Income | January 1, 2010: | | | | | | | | | | Deliver iPhone to the customer | +500 (Cash) | | +500 (Deferred Revenue) | | | | | | |
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Based on your answers to questions 2 and 3, describe how Apple's balance sheet and income statement would differ if it used its preferred approach rather than U.S. GAAP. In particular, which line item on each statement would be affected, and in what direction? * On Income Statement for December 31, 2010, the number of Revenues, Cost of Goods Sold, Expenses and Net Income will go up if we use the Non-GAAP approach. * On Income Statement for December 31, 2011, the number of Revenues, Cost of Goods Sold, Expenses and Net Income will go
each element in your Question 1 pro forma profit and loss statement. Are there any items that
After settling the close debate as to where the American’s wished to build their canal and purchasing the area under the 1903 Hay-Herran treaty, the U.S. needed only permission to unearth the ground. Colombia wasn’t too fond of the idea and thus rejected all of America’s efforts. Negotiations with the country went quite poorly as well. Arthur Beaupré was chose to communicate with Colombia but negotiations continued to go poorly as, “he was frequently blunt, even dictatorial, in his
It is important to explain some of the assumptions made in the pro forma statement, as they play a critical part in determining the forecasted revenues. Cost of sales was determined by the equation purchases + other outlays – change in inventory, other outlays = cost of sales. Other Expenses was calculated by adding depreciation costs and four months’ worth of interest, which came to $47,000
| (TCO E) In an income statement prepared using the variable costing method, variable selling and administrative expenses would:
After reviewing our income statement for the ended month of September, our revenues were greater than our expenses. For our revenues, our rent revenue totaled $2600; utilities revenue $36; miscellaneous revenue $3,498; and our gain on sale was $515. For our expenses, our rent expense was $1802; utilities expense $80; miscellaneous expense $880; depreciation expense $74.25; other expense $62; property tax expense $258; luxury tax expense $300; and federal income tax expense
Stephen Crane’s The Open Boat was based on real events. The details of this story were based on Crane’s experiences. The details directly follow the series of events that took place at an interval of Crane’s life. He was corresponding for a newspaper about the Spanish-American War, and was on a ship, the Commodore, which ran guns to Cuban insurgents in the late 1890’s.
Overstocks income statement included 3 year of date: 2003-2005. The total revenue increased 15% each year. The gross profit included all operating expenses and research development and was the totaled out after deducting cost of good sold by the revenue. Overstock included their operating Income and loss, which included all cost of income from the current operations, expenses and interest. The income statement also included the Net Income, which was what the company earned after the operating loss was calculated. Overstocks general ledger would include all assets, liabilities, sales and expenses and list all increases and decreases. Overstocks T account would include the company's depreciation, insurance, revenue, rent and investments. (Overstock.com, 2006)
"None of them knew the color of the sky." This first sentence in Stephen Crane's "The Open Boat" implies the overall relationship between the individual and nature. This sentence also implies the limitations of anyone's perspective. The men in the boat concentrate so much on the danger they are in, that they are oblivious and unaware to everything else; in other words, maybe lacking experience. "The Open Boat" begins with a description of four men aboard a small boat on a rough sea. The central theme of this story is about confronting Nature itself. "The Open Boat" is Stephen Crane's account from an outsider's point of view of the two days spent in a small boat. The correspondent is autobiographical in
Preparing different income statements captures information in diverse ways to facilitate decision making on internal matters. The management needs to understand cost behavior in order to control the costs. Besides the production costs, changing sales patterns affects profitability and there is a need to achieve better sales accuracy after understanding cost behavior. Variable costing also captures information about the impact of changing operation on profitability and the management is better placed to make pricing decisions to maximize
1. What are the key elements of Silver Ships’ strategy? Which of the five generic strategies is the company pursuing?
Crumbling castles, carnage, and chaos clouds the image the mind creates when depicting the Middle Ages. We see it as a period in history that, supposedly, holds a semblance with darkness; a time where culture was a part of the past and a wish for the future. The term ‘Dark Ages’ is considered to be synonymous with this portion in history. However, despite these claims, the literature from the Middle Ages proves that this era was not so dark.
Insignificance in The Open Boat The Open Boat is a short story written by Stephen Crane. This is a story about a group of men who survived sinking in a ship and were using a small boat to reach the dry land. While on the boat, the four men experienced bad weather and they have to work together in order to survive the storm.
“When it came night, the white waves passed to and fro in the moonlight, and the wind brought the sound of the great sea’s voice to the men on the shore, and they felt they could then be interpreters” (Crane 370). “The Open Boat,” written by Stephen Crane, describes the journey of four men stranded in a dinghy in the middle of the ocean and the hardships that had to be faced in order to survive. This story is not only a riveting story, keeping readers on the edge of their seat, but the story also makes the reader realize how precious life truly is. Sometimes people have a tendency to take life as a grain of salt and do not think about the realization that life can be taken away within the blink of an eye. As in “The Open Boat,” the crew
Silver Ships went from a very profitable company in 2006 to a recovering company in 2009. As the above data shows, Silver Ships took a hard hit in the economic downturn. As it can be seen, their Debt-to-Equity increased dramatically from 0.1 to 0.59. This has affected the amount of disposable that Silver Ships has to spend. With the new opportunities becoming available, this could prove to become a hindrance for Silver Ships investments. However, there are signs of recovery. Their COGS reached its peak and is now on a decline. Other good signs are their Gross, Operating and Net Profit Margins are all recovering and the outlook for Silver Ships looks promising.
The white comforting clouds stretched and darkened swirling themselves into a vortex of silvery metallic clouds. A giant eye looked upon me, with a menacing gleam, like it wanted to toy with me then changed its mind due to my insignificance, and more important business for itself. My tiny body amid this vast strange universe, staring at the gunmetal clouds, I was overcome with motion sickness that I had never experienced before. Otherworldly, impossible spinning waves tunneled through my cells. It felt like a copper truck slammed into my DNA dumping its load of rotten eggs, human waste, cheap perfume, and rotting meat exploding every cell in my DNA. It ignited a force of nausea in me so strong my head jerked upright and through the