User Account

All Pages

When should of revenue be recognized

Assignment Help Accounting Basics
Reference no: EM132727218

Problem 1: A store makes a $1,000 sale on November 30. The customer is sent a statement on December 5 and payment from the customer is received on December 10. The store follows GAAP. When should the $1,000 of revenue be recognized?

a. December 10
b. December 1
c. November 30
d. December 5

Reference no: EM132727218

Questions Cloud

Prepare an adjusting entry at the end of the period : Failure to prepare an adjusting entry at the end of the period to record the earning of unearned revenue would cause? an understatement of liabilities
How might their perceptions or attributions be distorted : Describe the conflict. What it is about? What leads to the conflict? Does it escalate or does it diminish? How/why - What conflict styles do the individuals
What the retailer gross profit for the year : Reported sales discounts of $10,000, cost of goods sold of $225,000, and operating expenses of $120,000. What the retailer's gross profit for the year?
What account will affected if pays for freight : A business has a perpetual inventory system. If it buys inventory from a supplier on FOB shipping point terms, what account will affected if pays for freight
When should of revenue be recognized : December 5 and payment from the customer is received on December 10. The store follows GAAP. When should the $1,000 of revenue be recognized?
Which year end adjusting entry will be prepared : Which year end adjusting entry will be prepared.The computer is expected to have a five-year useful lifespan before being replaced. If the company's fiscal year
How much did pay to the supplier : Afterwards, it returned $1,000 of inventory to its supplier. If the business paid within the discount period, how much did it pay to its supplier?
How has union membership in the united states changed : How has union membership in the United States changed over the past few decades? How does union membership in the United States compare with union membership.
What correcting entry is needed to fix the error : Account for $950, Supplies was debited $590, and Accounts Payable was credited $590. What correcting entry is needed to fix this error?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Provide recommendations to strike ltd about the accounting

Explain the nature of the relationship that exists between Strike Ltd and each of its direct and indirect investees, Athorn Ltd, Beatie Ltd, Conti Ltd

  What is the competitive strategy for Fowler Farm

The farmhands and the bookkeeper make $25,000 a year, and the mechanic makes $32,000 annually. What is the competitive strategy for Fowler Farm

  What is the nominal annual rate of interest

What is the nominal annual rate of interest compounded quarterly if a loan of $21 500 is repaid in seven years by payments of $2000

  Xct manufacturing co increased its merchandise inventory by

xct manufacturing co. increased its merchandise inventory by 17000 over the year. the company also granted its

  What is the amount of Virginia casualty loss

Virginia has business property that is stolen and partially destroyed by the time it was recovered. What is the amount of Virginia casualty loss

  Prepare journal entries for the given transactions

During the month of February, XYZ, Inc. completed the following transactions related to its stock: February 2: Issued 3,000 shares of no-par common stock.

  Difference between quantitative and qualitative forecasting

Discuss the difference between quantitative and qualitative forecasting

  How do prepare a financial analysis on the company

How do Prepare a financial analysis on the company using public information such as the company's annual report, SEC 10-Q and 10-K.

  Developing a capacity plan for a health care operation

ISO audits result in certifications that are done by first, second, or third parties. Which of the following result in the best certification of a firm?

  How should publishing companies account for returns

Significant returns each year. To ensure proper recognition of revenues, how should publishing companies account for these returns?

  Compute polaris return on total assets for the year ended

Refer to Polaris financial statements in Appendix A to answer the following.

  Calculate novack working capital and current ratio

Novack Company has current assets of $100,000, total assets of $300,000, Calculate Novack's working capital and current ratio

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