[Q1] The entity collected $9,000 from a customer who purchased the entity’s merchandise on account 10 days ago. Prepare a journal entry to record this
Goodwill –> not amortized [asc 350-20-35-1] –> tested for impairment at the level of a reporting unit Impairment Loss –> two step approach –> step
Advertising Costs AICPA Statement of Position (SOP) 93-7 “Reporting on Advertising Costs” General Principle Advertising costs are expensed –> except for (A) (A) Direct-response advertising
Inventory Tangible personal property of the following: 1. held for sale –> merchandise, finished goods 2. in the course of production –> work in process
Investments-Debt and Equity Securities –> FSP FAS 115-2, April 2009 Other-Than-Temporary Impairments FASB Staff Position FAS 115-2, April 2009 “Recognition and Presentation of Other-Than-Temporary Impairments”
Reclassification of Investments in Securities 1. All securities reclassified –> from one category to another –> are transferred at fair value 2. From Trading to