Fact pattern: on november 1, year 1, iba co. entered into a contract with a customer to sell 150 machines for $75 each. the customer obtains control of the machines at contract inception. iba’s cost of each machine is $45. iba allows the customer to return any unused machine within 1 year from the sale date and receive a full refund. iba uses the expected value method to estimate the variable consideration. based on iba’s experience and other relevant factors, it reasonably estimates that a total of 20 machines (12 machines in year 1 and 8 machines in year 2) will be returned. iba estimates that (1) the machines are expected to be returned in salable condition and (2) the costs of recovering the machines will be immaterial. during year 1, 10 machines were returned. at the end of year 1, iba continues to estimate that a total of 20 machines will be returned within 1 year from the sale date. what amount of refund liability, if any, will be reported in iba’s december 31, year 1, balance sheet?

Suppose the following items were taken from the balance sheet of nike, inc. (all dollars are in millions.) 1. cash $ 2,316.7 7. inventory $ 2,245.6 2. accounts receivable 2,786.2 8. income taxes payable 80.3 3. common stock 2,841.1 9. equipment 1,783.8 4. notes payable 291.2 10. retained earnings 6,162.5 5. buildings 3,959.7 11. accounts payable 2,624.6 6. mortgage payable 1,092.3 perform each of the following. classify each of these items as an asset, liability, or stockholders’ equity, and determine the total dollar amount for each classification. (enter amounts in millions up to 1 decimal place, e.g. 45.5 million.) cash accounts receivable common stock notes payable buildings mortgage payable inventory income taxes payable equipment retained earnings accounts payable assets $ 13092 liability $ 4088.4 stockholders’ equity $ 9003.6 etextbook and media determine nike’s accounting equation by calculating the value of total assets, total liabilities, and total stockholders’ equity. (enter amounts in millions up to 1 decimal place, e.g. 45.5 million.) total assets = total liabilities + total stockholders’ equity

While on vacation in las vegas jennifer, who is from utah, wins a progressive jackpot playing cards worth $15,875 at the casino royale. what implication does she encounter when she goes to collect her prize?

On june 1, 2017, blossom company was started with an initial investment in the company of $22,360 cash. here are the assets, liabilities, and common stock of the company at june 30, 2017, and the revenues and expenses for the month of june, its first month of operations: cash $4,960 notes payable $12,720 accounts receivable 4,340 accounts payable 840 service revenue 7,860 supplies expense 1,100 supplies 2,300 maintenance and repairs expense 700 advertising expense 400 utilities expense 200 equipment 26,360 salaries and wages expense 1,760 common stock 22,360 in june, the company issued no additional stock but paid dividends of $1,660. prepare an income statement for the month of june.