Question: 1. Let's say that I make chairs.I do $1 million in sales for the year.All the sales happen on ONE DAY ... December 28 th

1. Let's say that I make chairs.I do $1 million in sales for the year.All the sales happen on ONE DAY ... December 28^th.Half of the customers pay me in cash.The other half tell me that they will be paying me next week.According to GAAP, how much sales will I show on my income statement and WHY?

2. My company manufactures and sells chairs.On our balance sheet we show $1,000,000 in finished-goods inventory.What does this mean?How did we come up with this number?

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