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    garangm's Avatar
    garangm Posts: 3, Reputation: 1
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    #1

    Jan 21, 2010, 01:37 AM
    Specific on Balance sheet
    Mariah Carey Inc, indicated in a recent annual report that approximately 459 Million of Merchandise was received on consignment , Should Mariah carey Inc report this amount on its balance sheet?
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
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    #2

    Jan 21, 2010, 11:20 PM

    If you were to analyze the transaction it would be apparent that only those assets can be recognized which are owned and controlled by the entity. Apply this test and you will get the answer.
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