Reporting Income for Dot-coms

Essay specific features

 

Issue:

Business

 

Written by:

Emma J

 

Date added:

July 16, 2012

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 764

 

Was viewed:

3462 times

 

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Essay content:

(SEC Staff Accounting Bulletin #101, Q10). Despite Priceline being the merchant of record, they are only an agent and therefore do not assume the risks and rewards involved in the transaction. Consequently Priceline is inappropriately recording revenue under the gross method. 2. The alternative method would be to record it under the net method where $50 is recorded (20% of $250) is recorded as commission revenue...
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The alternative method would be to record it under the net method where $50 is recorded (20% of $250) is recorded as commission revenue. 3. I would recommend the company use the net method because that would be in better accordance with SAB 101 or GAAP. It would appropriately record the amount of revenue corresponding to their function as an agent...
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