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Justin Huish Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer’s expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12%, and the average collection period is 72 days.
Instructions
a)Identify alternative revenue recognition tests that Huish could employ concerning textbook sales.
b)Briefly discuss the reasoning for your answers in (a) above.
c)In late July, Huish shipped books invoiced is $16,000,000. Prepare the journal entry to record this event that best confirms to generally accepted accounting principles and your answer to part (b).
d)In October, $2 million of the invoiced July sales were returned according to the return policy, and the remaining $14 million was paid. Prepare the entries recording the return and payment.

On June 3, David Reid Co. sold to Kim Rhode merchandise having a sale price of $5,000 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $120, terms n/30, was received by Rhode on June 8 from the Olympic Transport Service for the freight cost. Upon receipt of goods, June 5, Rhode notified Reid Co. that merchandise costing $400 contained flaws that rendered it worthless. The same day Reid Co. issued a credit memo covering the worthless merchandise and asked that it be returned at company expense. The freight on the returned merchandise was $24, paid by Reid Co. on June 7. On June 12, the company received a check for the balance due from Rhode.
Instructions
a)Prepare journal entries on Reid Co. books to record all the events noted above under each of the following bases.
1.Sales and receivables are entered at gross selling price.
2.Sales and receivables are entered net of cash discounts.
b)Prepare the journal entry under basis 2, assuming that Kim Rhode did not remit payment until August 5.

During 2007 Pierson Co. started a construction job with a contract price of $1,500,000. The job was completed in 2009. The following information is available.
2007 2008 2009
Costs incurred to date$400,000$935,000$1,070,000
Estimated costs to complete 600,000 165,000 -0-
Billings to date 300,000 900,000 1,500,000
Collections to date 270,000 810,000 1,425,000
Instructions
a)Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used.
b)Prepare all necessary journal entries for 2008.
c)Compute the amount of gross profit to be recognized each year assuming the completed-contract method is used.

South Carolina Corp. has one temporary difference at the end of 2007 that will reverse and cause taxable amounts of $55,000 in 2008, $60,000 in 2009, and $65,000 in 2010. South Carolina’s pretax financial income for 2007 is $300,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2007.
Instructions
a)Compute taxable income and income taxes payable for 2007.
b)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2007.
c)Prepare the income tax expense section of the income statement for 2007, beginning with the line “Income before income taxes.”

The following information is available for Wenger Corp for 2006.
1.Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will revenue equally over the years 2007-2010.
2.Deferral, for book purposes, of $20,000 of rent received in advance. The rent will be earned in 2007.
3.Pretax financial income, $300,000.
4.Tax rate for all years, 40%.
Instructions
a)Compute taxable income for 2006.
b)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2006.
c)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2007, assuming taxable income of $325,000.

Listed below are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes.
Instructions
For each item below, indicate whether it involves:
1)A temporary difference that will result in future deductible amounts and, therefore, will usually give rise to a deferred income tax asset.
2)A temporary difference that will result in future taxable amounts and, therefore, will usually give rise to a deferred income tax liability.
3)A permanent difference.
Use the appropriate number to indicate your answers for each.
a)___ The MACRS depreciation system is used for tax purposes, and the straight-line depreciation method is used for financial reporting purposes for some plant assets.
b)___ A landlord collects some rents in advance. Rents received are taxable in
In addition, I am doing my own homework but I compare my answers with answers received and if something is not adding up on my side I go to campus and ask for guidance from head of the department. We all learn in different ways. I like to work things backwards. Gotta love that

it is a fairly expensive textbook that i hadn’t read. i actually had to read it for the final AFTER i had sold it but not shipped it yet.

i now realize that this book is really really good and don’t want to part with it. is there a way to refund the money or stop the sale or is my only option to sell the book and buy another one for myself?

thanks tons for your help and replies!!!

Yesterday I saw a bunch of Psychology Textbooks at a yard sale. Not only is this one of my favorite topics for a bedside read, these books retail at $70 minimum! So what if they were about 7 years old. They were FREE! {I would’ve even paid for some of them!} I got so excited I literally exclaimed “Get the f**** out of of here, are you serious??!??!?!!” to the elderly couple. [I felt so bad for cursing in front of them but I think they were more amused at my awe than anything else]

I scooped them up like a little girl getting free candy.

What are some things you get excited over that others may pass on as ‘ho hum’?

I just set up all of my books for sale on half.ebay.com and am waiting for them to be sold. How long should I wait before I change the price I am selling for? How do I know when it is sold? How often should I check it?

I literally just made this account and haven’t sold anything yet. Do you think someone would buy from an account that has a 0 next to it?

I am working on this textbook question:

A Ltd’s credit sales are collected as follows:

Month of sale – 50%
1st Month after sale – 30%
2nd Month after sale – 15%
Bad Debts – 5%

Budgeted sales data for Jan-April is:

Jan – £100,000
Feb – £160,000
March – £180,000
April – £120,000

What is the amount creveived in April for credit sales ONLY?

Each sentence below has 1 or 2 blanks – each blank indicating that something has been omitted. Beneath the sentence are some words. Choose the word for each blank that best fits the meaning of the sentence as a whole

7) Athletes have so perfected their techniques in track and field events that the _________ becomes _________ before record books

a) Announcement …………public

b) Meet…………………….official

c) Time…………………….authentic

d) Fantastic…………………common place

A________ child, she was soon bored in class; she already knew more mathematics than her junior school teachers

a) Obdurate

b) Precocious

c) Recalcitrant

d) Contemporary

9) The subtle shades of meaning, & still subtler echoes of association, make language an instrument which scarcely anything short of genius can wield with ____________ & ________________

a) Confidence———-aloofness

b) Definiteness———certainty

c) Sincerity————–hope

d) Eloquence————ruthlessness

10) Unwilling to admit that they had been in error, the researchers tried to_______ tried case with more data obtained from dubious sources

a) Ascertain

b) Buttress

c) Refute

d) Dispute

11) His one vice was gluttony & so it is not surprising that as he aged he became increasingly_______________

a) Despondent

b) Corpulent

c) Carping

d) Lithe

Exercise 3:

Please read all the questions in the table below (12-21) as one continuous passage. Tick the varb with right tense or the correct word to fill in the gaps in each of the sentences.

Statement
Options

12) A famous singer had been contracted to sign at a Paris opera house & ticket sales_______________ booming. a) is
b) are

c) were

d) have been

13) In fact, the night of the concert, the house was packed; every ticket ________________ a) is selling
b) was selling

c) sold

d) had been sold

14) The feeling of anticipation & excitement was in the air as the house manager__________ the stage & said, “Ladies & gentlemen, thank you for your enthusiastic support! a) took
b) takes

c) had taken

d) was taking

15) I am afraid that due to illness, the man whom you’ve all come to hear________________ performing tonight a) will not be
b) has not been

c) had not been

d) was not

16) However, we _________ a suitable substitute who, we hope, will provide you with comparable entertainment.”
a) are finding
b) were finding

c) had found

d) have found

17) The crowd____________ in disappointment & failed to hear the announcer mention the stand-in’s name a) groans
b) groaned

c) had groaned

d) were groaning

18) The environment turned from excitement to frustration
The stand-in performer__________ the performance everything he had.
a) will give
b) had given

c) gave

d) gives

19) When he had finished, there was nothing but an uncomfortable silence. No one _____________ a) Applauded
b) Applauds

c) Was applauding

d) Has applauded

20) Suddenly, from the balcony, a little boy stood up and____________, “Daddy, I think you’re wonderful!” a)shouts
b) was shouting

c) had shouted

d) shouted

21) The crowd_________________ into thunderous applause a) breaks
b) broke

c) had broken

d) was breaking

Exercise 4:

From each group of sentences given below, indicate the sentence that contains the error:

22) Group 1

a) Driving long distances causes sleepiness, & sleepiness causes serious accidents.

b) On a table at the rear of the room was a notebook, a pair of scissors, & a biology textbook

c) Finally, there seems to be a growing interest in vegetarianism in this country

d) Either the local chief of police or his officers are guilty of violating the rights of prisoners

23) Group 2

a) Simple cookbooks for inexperienced cooks have become quite popular in recent years they are available at many bookstores

b) Some cookbooks, such as The Joy of cooking, have been classics for generations

c) One popular cookbook is The Art of French Cooking, by Julia Child, a colorful character who charmed television audiences for many years

d) The Art of French Cooking blends classic recipes with meticulous explanation; ordinary cooks find the recipes manageable

24) Group 3

a) Around 50% of the forest are destroyed every year

b) The bus leaves tomorrow morning

c) A tiger is a dangerous animal

d) Can you please the sugar?

25) Group 4

a) There must be some mistake. I should have scored more marks

b) The number of trainees are hundred

c) 50% of the houses need repairs

d) The Commissioner, along with his family members was seen the party

26) Group 5

a) The scissors is very sharp

b) Congratulations are in order

c) One of the cases is open

d) She plays tennis well but she’ll never be a Steffi Graf

Exercise 5:

Please mark the correct statement from the pairs given below:

27) Pair 1

a) Repeated occurrences cannot be ignored

b) Repeated occurences cannot be ignored

28) Pair 2

a) We need to get a consensus on the decision

b) We need to get a concensus on the decision

29) Pair 3

a) Only authority personnel are allowed in this area

b) Only authorized personnel are allowed in this area

30) Pair 4

a) The actress decided to sue the sleazy tabloid for deformation of her character

b) The actress decided to sue the sleazy tabloid for defamation of her character

31) Pair 5

a) Everyone knows that Hogwarts in the Harry Potter series is a mythical school

b) Everyone knows that Hogwarts in the Harry Potter series is a legendary school

32) Pair 6

a) Most people think caffeine is not good for health

b) Most people think caffiene is not good for health

Exercise 6:

Select the best word/phrase/line to complete each sentence in the most appropriate manner

33) ‘Reema’s bad-mouthing Peter only because she is jealous of him.’ Means______________

a) Peter really is a nice person

b) Peter really is a mean person

c) Peter really is a difficult person

d) Peter really is a tough person

34) If some one is “gung ho”, they are_______

a) stupid

b) Childish

c) Enthusiastic

d) Loud

35) Mr. Hughes has been asked to___________ this difficult project because of his experience working for many years in Iran

a) undergo

b) understand

c) undervalue

d) undertake

36) ‘Stop talking to those angry men, you are just adding fuel to the fire’ is the same as________

a) Stop talking to those angry men, you are just coming in the way

b) Stop talking to those angry men, you are just making it worse

c) Stop talking to those angry men, you are just adding to the noise

d) Stop talking to those angry men, you are just talking too much

37) ‘Sudhir’s work is behind schedule – I think he bit more than he could chew’ is the same as________

a) Sudhir has taken too much of work

b) Sudhir takes very long breaks

c) Sudhir does not know how to do the work

d) Sudhir is a lazy person

38) There are many__________ to our rules, and I do not think that’s fair.

a) examples

b) exceptions

c) instances

d) provisions

Exercise 7:

Choose the correct / most appropriate word/s to fill in the gap in the sentences given below.

39) I didn’t set _________ to do this but I’m pleased with the result.

a) in

b) out

c) on

d) down

40) This looks too heavy,______________ pick it up?

a) Can I

b) may I

c) need I

d) would I

41) I am glad so many people have passed the test. In fact, there were_________ who haven’t.

a) little

b) a little

c) few

d) a few

42) Pope John Paul II ___________ more than 90 countries.

a) has visited

b) was visited

c) visits

d) has been visiting

43) I _____________ Carl since I ______________ a little child.

a) have known, have been

b) have known, was

c) knew, have been

d) knew, was

44) I wonder if _____________ will show up at the meeting?

a) someone

b) anyone

c) one

d) everyone

45) Have you given up______________.

a) to smoke

b) smoke

c) some smoking

d) smoking

It will be mostly textbooks and maybe 10 of them or so. I do Not want to make this an ongoing business of mine. I want it to be as quick and easy on me as I will be preparing for classes myself and want to prepare these sales now. And of course I want to make as much money as I can since this will much of fund my textbook needs as well.

Thanks!

Well here’s the full problem. Back in January 08 I bought an algebra textbook and when I received it it had black tape covering the top and back a little bit. In the description they didn’t mention the tape. I left the tape on because i thought it was ripped or something but when school ended and i wanted to sell the book i took the tape off and noticed it was an instructors edition. I contacted the seller and they didn’t respond and now I can’t sell it because it’s illegal to sell instructor books and also under the bar code it says NOT FOR SALE. So what should I do?? the book was for $100!!

-Please and thank you
well i think its illegal to sell,i don’t know to be honest

Hi guys .What is the best software apps for ti-84 on the market that can solve almost any problem step by step like textbooks .

12.
audra and tom r working in the school kitchen on soup day. their job is to make 8 liters of chicken noodle soup in a large pot. they have only small cans (0.284 liters) of soup. they will add 1 can of water for each can of soup.

a.) how many small cans of soup are needed to make 8 liters?

b.) how many students could be served if each student received 0.190 liters of the soup?

c.)small cans of soup each cost $0.97. the school sells soup at $1.00 a bowl. what is the profit on the 8 liters of soup?

d.)what assumpitions do u need to make to answer part c.)?

e.)what other costs might be involved in the sale of soup?

okkkk that took me awhile… this is only grade 7 math, but i can’t figure it out. i’m not asking u to answer it, but u can if u want, maybe if u get it (i don’t) maybe u could just tell be how to find teh answer…

thanks

btw this is a canadian textbook so all units of measurements r canadian, same goes for the prices, they r all in canadian dollars. if that matters…