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(Learning Objective 2: Apply the revenue and expense recognition principles) Identify the accounting concept or principle that gives the most direction on how to account for each of the following situations:
a. Salary expense of $38,000 is accrued at the end of the period to measure income properly.
b. March has been a particularly slow month, and the business will have a net loss for the second quarter of the year. Management is considering not following its customary practice of reporting quarterly earnings to the public.
c. A physician performs a surgical operation and bills the patient’s insurance company. It may take three months to collect from the insurance company. Should the physician record revenue now or wait until cash is collected?
d. A construction company is building a highway system, and construction will take four years. When should the company record the revenue it earns?
e. A utility bill is received on December 27 and will be paid next year. When should the company record utility expense?
Redrafting contribution Margin statements - Electricity cost is only for lighting a rather large area of land for play at night and is always on after sunset regardless of how many shooters are on site.
Blue should have taken $910 and $7,272 cost recovery in 2009 and 2010. On January 1, 2011, the asset was sold for $180,000. Calculate gain or loss on the sale of the asset in 2011.
Use an available tax research service to determine how much income, if any, does Latrell have to recognize as a result of purchasing an airline ticket with Skymiles earned from business travel.
For three months, he works weekdays in Boise and returns home on weekends. He spends $410 returning to Salt Lake City but would have spent $390 had he stayed in Boise for the weekend. As to the weekend trips, how much, if any, qualifies as a deduc..
Purchased inventory that cost $2,200 on account from Blue Co. under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $110 were paid in cash.
What characteristics must the convertible bonds display in order to justify the accounting treatment followed on initial recognition and how was the portion of the bonds assigned to debt on initial recognition valued
Downing Company purchased a new machine on October 1, 2012, at a cost of $90,000. The company estimated that the machine has a salvage value of $6,000. The machine is expected to be used for 70,000 working hours during its 8-year life.
What is the new wage and rental price of land? What share of output does labor receive now?
Which of above items are relevant in a decision of whether to sell X-47 as is or process it further into Xylene?
preparation of the cash flow statement.the following events occurred at handsome hounds grooming company during its
The son quit school after one semester and Klemm used the remaining money to buy her son a car. If Klemm's AGI is $25,000, explain how much interest should she include in gross income?
Is it ethical to choose a transfer price for tax purposes that is different from the transfer price used to elucidate a business unit's performance?
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