User Account

All Pages

Calculate amount of revenue recognized under the cash-basis

Assignment Help Cost Accounting
Reference no: EM13548728

McDonald Music sells used CDs for $2.00 each. During the month of April, McDonald Music sold 21,200 CDs for cash and 7,300 CDs on credit. McDonald's cash collections in April included the $42,400 for the 21,200 CDs sold for cash, $11,800 for CDs sold on credit during the previous month, and $8,100 for CDs sold on credit during April.

Required:

Calculate the amount of revenue recognized in April under

(a) The cash-basis of accounting and

(b) The accrual-basis of accounting.

Reference no: EM13548728

Questions Cloud

Compute current cash debt coverage ratio : Compute these ratios: current cash debt coverage ratio, cash debt coverage ratio, and free cash flow. Provide a brief interpretation of your results.
Evaluate the refractive index of the film : A tank of gasoline (n = 1.40) is open to the air (n = 1.00). A thin film of liquid floats on the gasoline and has a refractive index that is between 1.00 and 1.40. What is the refractive index of the film
Explain what is the atomic mass of the element : An unknown element has two naturally occurring isotopes. Isotope 1 has a mass of 120.0 amu and an abundance of 40%. Isotope 2 has a mass of 122.0 amu. What is the atomic mass of the element
Find the smallest possible nonzero value for the thickness : You are standing in air and are looking at a flat piece of glass (n = 1.52) on which there is a layer of transparent plastic (n = 1.61). Find the smallest possible nonzero value for the thickness of the layer
Calculate amount of revenue recognized under the cash-basis : Calculate the amount of revenue recognized in April under the cash-basis of accounting and the accrual-basis of accounting.
Evaluate the average molar mass of the sample : Lithium has two stable isotopes, 6Li and 7Li. If a sample is composed of 29% of the lighter isotope (with the balance being 7Li), calculate the average molar mass of the sample.
Find the smallest possible nonzero value for the thickness : You are standing in air and are looking at a flat piece of glass (n = 1.52) on which there is a layer of transparent plastic (n = 1.61). Find the smallest possible nonzero value for the thickness of the layer
Explain chlorine has two stable isotopes : Chlorine has two stable isotopes, 35Cl and 37Cl. If a sample of chlorine has an average molar mass of 35.78764 g/mol, what percent of the sample is composed of the lighter isotope
Prepare an analysis showing the total cost saving : If the offer is accepted, Manson will save all variable costs but no fixed costs. Prepare an analysis showing the total cost saving, if any, Manson will realize by buying the part.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Qon 1st january 2010 as an incentive to improved

qon 1st january 2010 as an incentive to improved performance of duties recycling corporation adopted a qualified stock

  Standards of ethical conduct for management accountants

Compute the price and efficiency variances of New Fashions for direct materials and direct manufacturing labor in June 2009.

  Evaluate net income and ratios

Evaluate net income and ratios

  Prepare a bank reconciliation

Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivable, the adjusting entry on December 31 had been based on an estimated expense of ¼ of 1% of the net sales of $7,126,000 for the year, determine the ..

  1 identify at least two control procedures for each of the

1. identify at least two control procedures for each of the situations below. controls can include physical controls

  This assignment is designed to research specific kinds of

this assignment is designed to research specific kinds of tax authority. use the irc and any relevant regulations to

  Question a on june 30 2011 barbie company was considering

question a. on june 30 2011 barbie company was considering options to bolster its cash position. choice one called for

  Should the company obtain the route

How many passenger train cars must Springfield Express operate to earn pre-tax income of $ 120,000 per month on this route and What qualitative factors should be considered by Springfield Express in making its decision about acquiring this route?

  What is differences between ordinary and statutory income

Explain using examples and relevant sections of the act, what the differences between Ordinary Income and Statutory income are. Use your own examples (not from MTG or Barkoczy text).

  Compute the total cost of borrowing for these bonds

Pueblo Company issued $300,000 of 5-year, 8% bonds at 98 on January 1, 2014. The bonds pay interest twice a year.

  Should claire be considered an employee of the company

Claire uses her own small tools, however the compan supplies a riding lawn mower for her use. Her contract at the company is the Facilities Manager who signs her monthly invoices for processing by Accounts Payable.

  Qover the past 15 years anthonys auto shop has prepared a

qover the past 15 years anthonys auto shop has prepared a reputation for reliable repairs and has grown from a

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd