题目内容
Data Corp. manufactures and sells computer equipment. The following information is
available concerning a transaction between Data and Venture, Inc.:
On November 30, 2001 Data Corp. received a signed purchase order from Venture Inc.
for 100 model D computers at a price of $150,000. Under the terms of the purchase
order, Data arranges and pays for shipping, risk of ownership passes upon delivery,
and the transaction is not subject to revocation.
On December 29, 2001 100 model D computers were shipped from Data Corp.抯
factory.
On December 31, 2001 Data Corp. received cash payment for the computers in the
amount of $150,000.
On January 2, 2002 the computers were received at Venture, Inc.抯 headquarters.
Data Corp. should recognize $150,000 of revenue as of:
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Marcus Corp.抯 balance sheet as of December 31, 2001 is as follows (in $ millions):
Cash 30 Accounts Payable 15
Accounts Receivable 15 Long-term Debt 30
Inventory 15 Common Stock 45
Property, Plant & Equip.(net) 60 Retained Earnings 30
Total Assets 120 Total Liabilities & Equity 120
Marcus Corp.抯 current ratio is:
Selected financial data from Flag, Inc 抯 financial statements for the years ended December
31, 2000 and 2001 are as follows (in $ millions):
2000 2001
Cash 20 25
Marketable Securities 30 35
Receivables 50 60
Inventory 100 80
Property, Plant & Equipment (net) 150 150
Accounts Payable 50 40
Long-term Debt 75 100
Selected financial data from Flag, Inc 抯 financial statements for the years ended December
31, 2000 and 2001 are as follows (in $ millions):
Under the U.S. FASB conceptual framework, audited financial statements must do all of the following EXCEPT:
Which of the following statements are TRUE？
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