Refer to Polaris financial statements in Appendix A to answer the following. 1. Identify and write down

Question:

Refer to Polaris’ financial statements in Appendix A to answer the following.

1. Identify and write down the revenue recognition principle as explained in the chapter.

2. Review Polaris’ footnotes to discover how it applies the revenue recognition principle and when it recognizes revenue. Report what you discover.

3. What is Polaris’ profit margin for fiscal years ended December 31, 2011 and 2010.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...