Office Depot 2012 Annual Report Download - page 153
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Revenue is recognized at the point of sale for retail transactions and at the time of successful delivery for contract, catalog
and internet sales. Sales taxes collected are not included in reported sales. The Company does not charge shipping and
handling costs to its customers; such costs are included within selling, administrative and general expenses within the
consolidated statements of income and amounted to $124,109, $118,037 and $101,803 in 2012, 2011 and 2010
(unaudited), respectively.
Movements in the allowance for doubtful accounts for the years ended December 31 are as follows:
11
n.
F
oreign currency transactions
—
Foreign currency transactions are recorded at the applicable exchange rate in effect at the
transaction date. Monetary assets and liabilities denominated in foreign currency are translated into functional currency
amounts at the applicable exchange rate in effect at the balance sheet date. Exchange fluctuations are recorded as a
com
p
onent of net com
p
rehensive financin
g
cost in the consolidated statements of income.
o.
R
evenue recognition
—
Revenues are recognized in the period in which the risks and rewards of ownership of the
inventories are transferred to the customers, which generally coincides with the delivery of products to customers in
satisfaction of orders.
p.
A
dvertising
—
Advertising costs are charged to expense when incurred. Advertising expense for the years ended
December 31, 2012, 2011 and 2010 (unaudited) was $239,639, $203,451and $202,107, respectively. Prepaid advertising
costs were $44,723 and $59,936 as of December 31, 2012 and 2011.
q.
R
eclassifications
—
Certain amounts in the consolidated financial statements as of December 31, 2011 and for the years
ended December 31, 2011 and 2010 (unaudited) have been reclassified in order to conform to the presentation of the
consolidated financial statements as of and for the
y
ear ended December 31, 2012.
4. Cash and cash equivalents
2012 2011
Checkin
g
accounts
$258,009
$290,598
Readil
y
available dail
y
investments
90,752
12,058
$348,761
$302,656
5. Accounts receivable and recoverable taxes
2012 2011
Trade accounts receivable
$663,894
$619,977
Allowance for doubtful accounts
(5,728)
(10,259)
658,166
609,718
Sundr
y
debtors
33,263
32,871
Recoverable taxes, mainl
y
value-added tax and income tax
342,188
220,331
$1,033,617
$862,92
0
Balance at
beginning o
f
period
Additional
charged to
expenses
Write-
offs of
uncollectible
accounts
Balance a
t
ending of period
2012
$10,259
$1,107
$5,638
$5,728
2011
4,109
7,556
1,406
10,259
2010 (Unaudited)
2,305
3,276
1,472
4,109