User Account

All Pages

When may kevin deduct the december payment

Assignment Help Accounting Basics
Reference no: EM131815952

Question -

a. Kevin owns several apartment complexes. In order to assure an adequate supply of heating oil for the winter, he must make a deposit of 50% for the amount of heating oil he orders in December. If he uses less oil than the amount ordered, he may receive a refund of a part of his deposit. When may Kevin deduct the December payment?

b. Would your answer be different if the payment was not a deposit but an irrevocable payment?

Reference no: EM131815952

Questions Cloud

Determine ONeal cost of goods manufactured : Determine O'Neal's cost of goods manufactured for the month ended January 31, 2010. Enter all amounts as positive numbers
What is the after tax return on bills corporate bonds : He has invested 20,000 in corporate bonds which is currently earning a annual return of 7.5% What is the after tax return on bill's corporate bonds for the year
Draw an x and an r chart for each day : Consider the data set shown in Table, indicating hourly summaries of the temperature for a baking oven measured four times per hour.
Calculate president ownership position for both alternatives : TRANE Corporation plans to raise $4million to pay off its existing short-term bank loan of $1.2 million and to increase total assets by $2,800,000.
When may kevin deduct the december payment : If he uses less oil than the amount ordered, he may receive a refund of a part of his deposit. When may Kevin deduct the December payment
Determine the amount of cost of goods sold : On January 1, 2001, raw materials inventory included direct materials with a cost of $20,000. Determine the amount of cost of goods sold
What were total expenses : What were total cash expenses for 2011, What was the hospital's 2011 cash flow
Discuss the organizations current goals and objectives : Evaluate the organization's mission statement, vision statement, and values statement. Discuss the organization's current goals and objectives.
The definition of passive income : The definition of passive income is. What do you call a stream of equal payments received or paid at equal intervals in time?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much greater or less than the cost that was incurred

Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the company manufactured 4,000 chopping boards usin..

  Compute the company inventory turnover

Review the chapter's opening feature highlighting Randy Hetrick and his company, Fitness Anywhere. Assume that Fitness Anywhere consistently maintains.

  Compute the current break-even point in units and compare

alice shoemaker is the advertising manager for value shoe store. she is currently working on a major promotional

  Accounting entry to record the event

Office supplies of $900 were purchased on account to be used infuture months. One part of the accounting entry to record this event in the accounting system would be to:

  Which payments come at the beginning of each period

Which payments come at the beginning of each period

  Unethical behavoir or practices in accounting

Identify situations that might lead to unethical behavoir or practices in accounting.

  What is the development of privacy legislations in australia

What is the development of privacy legislations in Australia (or Hong Kong)? How successful are those legislations in protecting individuals' privacy? Use specific examples to explain.

  Diversify with a new product line

Your firm wants to diversify with a new product line. The project requires an initial investment of $8,000,000 and will provide $1,890,000 in unlevered after-tax cash flows at the end of each year for 10 years.

  The 2012 accounting records of pape transport reveal

The 2012 accounting records of Pape Transport reveal these transactions and events.

  Foxgloves budgeted cash disbursements related to

foxglove company a growing retailer is preparing its budget for the first half of the year assuming the following sales

  Based on the contribution income statement for the bivans

based on the contribution income statement for the bivans company prepare a condensed contribution income statement.

  Discuss the financial statements of juniper corporation

This increase in market value of outstanding stock is not recorded in the financial statements of Juniper Corporation

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