Recently you received the following offers from the organizers of Melbourne Tennis Open 2015:
Now you can buy premium tickets to the coming Melbourne Tennis Open 2015 with signatures of your choice of popular tennis players like Rafael Nadal, Roger Federer to name a few. However, there are only 3,000 tickets that have these collectible features.
Retail price: $300 each
Tennis club members: $280 each
To order, complete the online order form @ www.MTO2015.com.au.
Allow 5 days for delivery
- Describe the alternatives the organisers have in relation to recognizing revenues. Which would you recommend and why?
- Would your answer differ if you included in the sale of the tickets that if the customers are not happy the tickets may be returned within one month?
- Let us assume that the organisers contracted a selling agent that takes care of all selling and marketing responsibilities, gets 10% as commission. The policy states that no return no exchange. When should the organisers recognize revenue?
- With regards to the authenticity of the signatures, do you think the accounting profession have the skills to provide the services to authenticate? Discuss and show examples.
- Discuss the importance of Cost of Goods Sold(COGS) in this case. How is it applied?
- Let us say that the signatories will get a fixed fee for the effort, when would the organisers recognize the expense?
- Assume that the signatories will get a 5% commission on the sales of their signed tickets. When would the organisers recognize the cost
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