Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an order for 50 items for a total selling price of $2,200 on September 14, 2020. The cost of the merchandise to Allstar Inc. is $1,115. To place the order, Allstar Inc. required a $500 down payment on September 14, 2020. Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining balance was collected from Allen. Required:
a. Demonstrate the five steps of the revenue recognition process for this scenario.
b. Record Allstar's entry on September 14, 2020.

Exercise 4-6 the following balances were taken from the books of alonzo corp. on december 31, 2017. interest revenue $86,000 accumulated depreciation—equipment $40,000 cash 51,000 accumulated depreciation—buildings 28,000 sales revenue 1,380,000 notes receivable 155,000 accounts receivable 150,000 selling expenses 194,000 prepaid insurance 20,000 accounts payable 170,000 sales returns and allowances 150,000 bonds payable 100,000 allowance for doubtful accounts 7,000 administrative and general expenses 97,000 sales discounts 45,000 accrued liabilities 32,000 land 100,000 interest expense 60,000 equipment 200,000 notes payable 100,000 buildings 140,000 loss from earthquake damage 150,000 cost of goods sold 621,000 common stock 500,000 retained earnings 21,000 assume the total effective tax rate on all items is 34%. prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (round earnings per share to 2 decimal places, e. g. 1.48.)

Which of the following best describes why you need to establish goals for your program?

An economic theory that calls for workers to take control of factories is .