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Statement of Financial Accounting
Home›Statement of Financial Accounting›Form 10-K NOBILITY HOMES INC Due: November 06

Form 10-K NOBILITY HOMES INC Due: November 06

By Thomas Heikkinen
February 4, 2022
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The Company recognizes proceeds from the sale of repurchased homes upon transfer of ownership to the new purchaser.

The Company recognizes revenue from its independent dealers upon receipt of wholesale floor plan financing or establishment of retail credit approval for terms, shipment of the home and transfer of the title and risk of loss to the Independent Dealer. For wholesale shipments to independent dealers, the Company has no obligation to install the house or perform any other material obligation.

The Company recognizes revenue from its wholly-owned subsidiary, Mountain Financial, Inc., as follows: commission revenue (and fees in lieu of commissions) is recognized on the inception date of the insurance coverage or on the invoice date, whichever is later. Premium commissions charged and collected directly by insurance companies are recognized as revenue when received, which in many cases is the company’s first notification of amounts earned due to lack of information on policies and renewals. Contingent commissions are recognized as revenue when received. Contingent commissions are commissions paid by policyholders and are based on estimated profit and/or overall volume of business placed with the policyholder. The data necessary to calculate contingent commissions cannot reasonably be obtained before the receipt of the commission which, in many cases, is the first notification by the Company of the amounts earned. The Company provides appropriate reserves for policy lapses based on many factors, including past customer transaction history, historical experience and other information, which are periodically evaluated and adjusted as necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations as of November 6, 2021 and October 31, 2020.

Sales of homes to affiliated entities that are subject to conditional payment terms are considered inventory consignment arrangements. Revenue from these arrangements is recognized when the homes are sold to end users and payment is received by the affiliated entity.

See Note 4 “Related party transactions”.

Revenues by products and services

– Revenues per net sales of prefabricated houses,

second hand

the commissions for homes and insurance agents for the years ended November 6, 2021 and October 31, 2020 are as follows:

2021 2020

prefab housing

$ 43,963,239 $ 40,775,887
816 165 552 421

Insurance agent commissions

283 154 283,999

Total net sales

$ 45,062,558 $ 41,612,307

Cash and cash equivalents

The Company considers all money market accounts and highly liquid debt securities purchased with an original maturity of three months or less to be cash equivalents.

– Certificates of deposit are carried at cost plus accrued interest and have maturities of twelve months or less.
Accounts receivable are valued at net realizable value. An allowance for doubtful accounts is provided based on past collection experiences and management’s analysis of specific accounts. As of November 6, 2021 or October 31, 2020, in the opinion of management, all accounts were considered fully collectible and, therefore, no provision was deemed necessary.

Accounts receivable fluctuate due to the number of homes sold to independent dealers. The Company recognizes revenue from its independent dealers upon receipt of wholesale floor plan financing or establishment of retail credit approval for terms, shipment of the home and transfer of the title and risk of loss to the Independent Dealer.

The Company’s investments consist of equity securities of a public company. Investments with a maturity of less than one year are classified as short-term investments. The Company’s investment in a public company is classified and accounted for at fair value. Unrealized gains on the securities, net of tax, were recorded in accumulated other comprehensive income. Upon adoption of the ASU by the Company

2016-01,

unrealized gains and losses on these securities are reflected in the statement of operations and comprehensive income.

New home inventories are recorded at the lower of cost or net realizable value. The cost of finished home inventory determined under the specific identification method is removed from inventory and recognized as a component of cost of sales when revenue is recognized. In addition, an allocation of depreciation is included in the cost of goods sold. Depending on the specific identification method, if the finished home inventory can be sold for a profit, there is no reason to depreciate the inventory below the lower of cost or net realizable value.

The accompanying notes form an integral part of these financial statements.

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