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Revenue Recognition based on accrual basis.
Please provide explanation as to how you derived to your answers
Suppose you start up your own photography business to shoot videos at 9 college parties. The freshman class pays you $100 in advance just to guarantee your services for its parry. The sophomore class promises you a minimum of $250 for filming its formal, and you end up collecting cash of S400 for this party. Answer the following questions about the correct way to account for your revenue under the accrual basis.
a. When did you earn your revenue for both parties? What caused you to earn the revenue? Did you earn the revenue at the moment you received cash?
b. In addition to cash, what type of account was created when you received $100 from the freshman class? Name the new account.
Explain how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.
Discuss the differences in how property, plant, and equipment is audited compared to current assets.
The company’s weighted average cost of capital is 12% and payments are made at the end of each month. Illustrate which is cheaper for the company: to buy or lease real estate? Show your computations.
Prepare an inter office decision-aid/memo to your tax staff - he primary and secondary authoritative sources, a description, and the differences between them and the steps needed to conduct tax research, including the use of tax research databases.
Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installation costs of $270. What is cost of the equipment?
Determine Ariff’s maximum deduction for 2010, assuming Ariff’s § 179 business income is $110,000. If Congress reenacts additional first-year depreciation for 2010, Ariff elects not to take additional first-year depreciation.
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Participation in the budgeting process is often hailed as a motivator for improved performance outcomes, however, some authors have suggested that forced participation may fail to empower or motivate employees and may even result in a diminution i..
Financial planning involves computation of series of budget - How does this price change effect differ from the sales volume effect you described above?
If this estimate of the percentage completion is used, what would be the Cost of Goods Sold for the year?
The Note Payable was issued on December 1, 2011. The terms of the note state that the principal and interest is to be paid two years from the issuance date. The interest rate stated on the note is 3 percent.
question jamie wong is considering building an investment portfolio containing two stocks l and m. stock l can
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