Sky Communcations (SKY) usually sells a cell phone for $236 plus 12 months of cellular service for $944. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $330. Each phone costs SKY $310, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $330 cash, and starts the cellular service. What journal entries would SKY record on July 1 and July 31? a. Record reciept of cash.
b. Record the sales of cellular service for 12 months.
c. Record the cost of goods sold.
d. Record the deferred revenue.

What is the correct percentage of texas teachers charged with ethics violations each year?

Many years ago, sprint telecommunications aired an advertisement intended to demonstrate the clarity of reception sprint customers could expect. the ad showed a rancher, who had used a different company, complaining that he had ordered 100 oxen from his supplier and instead received 100 dachshunds. the mix-up was probably due to the presence of in the communication process.

Exercise 12-7 shown below are comparative balance sheets for flint corporation. flint corporation comparative balance sheets december 31 assets 2017 2016 cash $ 201,348 $ 65,142 accounts receivable 260,568 225,036 inventory 494,487 559,629 land 236,880 296,100 equipment 769,860 592,200 accumulated depreciation—equipment (195,426 ) (94,752 ) total $1,767,717 $1,643,355 liabilities and stockholders’ equity accounts payable $ 115,479 $ 127,323 bonds payable 444,150 592,200 common stock ($1 par) 639,576 515,214 retained earnings 568,512 408,618 total $1,767,717 $1,643,355 additional information: 1. net income for 2017 was $275,373. 2. depreciation expense was $100,674. 3. cash dividends of $115,479 were declared and paid. 4. bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. common stock was issued for $124,362 cash. 6. no equipment was sold during 2017. 7. land was sold for its book value. prepare a statement of cash flows for 2017 using the indirect method.