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Fox Auto sold merchandise to a customer for $3,000 on credit on March 10. The customer paid Fox Auto the amount due on March 31. Under the accrual basis of accounting, which of the following statements is true?
A. Fox Auto will recognize the revenue on March 31.
B. The March 10th transaction increases revenue, but has no effect on assets because cash has not been received.
C. Revenue is recognized after the cost of the merchandise sold has been paid by Fox Auto.
D. The March 31st transaction has no effect on total assets under the accrual basis.
Consumers may also reduce the quantity of the beverage that they usually buy." Illustrate what is the relationship between the income and demand with respect to normal goods? Answer the same question with respect to inferior goods
illustrate how this new system would work. In this example the allocated base its machine-hours. if the company bases its predetermined overhead rate on capacity, by how much was manufacturing overhead under applied or over applied?
Calistoga Produce estimates bad debt expense at 0.30% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $474,000 and $1,640, respectively, at December 31, 2012.
Find out the amount that RIM invested in capital assets for that year. Assume a seven-year life and a 12% internal rate of return. What is the amount of cash flows that RIM must earn on these new projects?
Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 700,0..
Calculation of free cash flow for Cade. and How much cash did Cade pay to vendors for inventory during the period and How much cash did Cade pay in income taxes?
Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell one-half time to the business. Determine the division of $150,000 of net income under each of the following assumptions:
Journalize the following transactions, all securities purchased will be held for long term appreciation: Purchase 30,000 shares of XYZ company for $28.30 per share plus $1000 commission. XYZ company is traded on the New York stock exchange and has 1,..
Prepare the appropriate journal entry for the redemption of the bonds - The bonds pay annual interest, and the interest payment due on June 30, 2007, has been made and recorded.
The following activity occurred during the month of December: Materials purchased: 5,200 costing $29,900, Material used: 4,750 yrds, Units produced 1,000 units, DL 2,100 hours costing $17,850. Calculate the direct material price variance. Calculate t..
On January 1, year 1, ABC Corp. purchased all of DEF Corp.'s common stock for $1,000,000. On that date, the fair values of DEF’s assets and liabilities equaled their carrying amounts of $800,000 and $100,000, respectively. During year 1, DEF paid cas..
Horowitz Company is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacture of a new product. The machine will cost $332,168, has an estimated useful life of 12 years, a salvage value of zero, and will increase net ann..
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