Did its revenue (or sales) increase or decrease over the last year? Describe the

Question

Did its revenue (or sales) increase or decrease over the last year? Describe the company's revenue recognition policy. Did its cost of goods sold increase or decrease over the last year? Did its net income increase or decrease over the last year? By how much? Did its total assets increase or decrease over the last year? Did the company have a cash inflow or outflow from operating activities? What two major item(s) reported in operating activities caused the major inflow and the major outflow? Was there total inflow or outflow of cash, what did this most relate to (Investing, Financing or Operating)?

Explanation / Answer

1 a) incresed

b. recognize revenue from product sales or services rendered when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Additionally, revenue arrangements with multiple deliverables are divided into separate units of accounting if the deliverables in the arrangement meet the following criteria: the delivered item has value to the customer on a standalone basis; there is objective and reliable evidence of the fair value of undelivered items; and delivery of any undelivered item is probable.

c.incresed

d.decresed by $515,000

2 a.incresed

3 a.inflow

major inflows are Depreciation, Depletion & Amortization

Other Funds

major out flows are    Net Income before Extraordinaries

Deferred Taxes & Investment Tax Credit

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