28 Jan d. Real Estate Sales Revenue
Case 1-6 Centered in Hawaii
a. In general, what is the policy of Alexander & Baldwin for recognizing revenue?
b. Voyage Revenue Recognition: Revenue recognition – “commonly referred to as the percentage-of-completion-method.” “Voyage expenses are recognized as occurred.” Could this represent a challenge when matching cost with revenue?
c. Logistics Services Revenue Recognition: “Revenue and the related purchased transportation are recognized based on relative transit time, commonly referred to as the percentage-of-completion-method.” Does this appear to be reasonable?
d. Real Estate Sales Revenue Recognition: There appear to be two methods used for revenue recognition for real estate sales. Describe the two methods.
e. Real Estate Leasing Revenue Recognition: Describe this method.
Case 2-6 Management Responsibilities
a. Who has the financial responsibility for the financial statements?
b. What is the role of the accountant (auditor) as to the financial statements?
c. Accountants (auditors) are often included as defendants in lawsuits that relate to the financial statements. Speculate as to why this is the case.
d. Why did 3M include the report “Management’s Report on Internal Control Over Financial Reporting”?
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