2002. 2001. 2000 Product sales. 37,215,161. 28,189,612. 22,226,504 Service sales

Question

2002. 2001. 2000
Product sales. 37,215,161. 28,189,612. 22,226,504
Service sales. 17,327,525. 11,688,793. 5891909
COGS - products. 15,057167. 10633956. 8033867
COGS- services. 7,942,952. 5,869,106. 2,974,456
Operating exp. 20,809,281. 14,904460. 10,568,861
Per- tax Operating income. 10,733,286. 8,470,883. 6,541,229
Income from conti operation. 7,410,752. 5,525,185. 4,301,742
Net a/c receivables @ June 30. 20,316,730. 7,212,970. 4,153,677
COGS %_ products. 40.5%. 37.7%. 36.1%

Q2. SEC alleges that by the end of fiscal 2002, clear one had stuffed approx $11.5 million of inventory into the distribution channel. On the basis. Of the basis of this assertion, what was the approx amt of it alleged revenu overstated by the end of 2002?

Explanation / Answer

$11,500,000 / .405 = $28,295,061

Since a DR and CR needs to be created for the almost 28.3 million
revenue

DR Accounts receivable    $28,295,061
     CR Product sales revenue    $28,295,061

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