User Account

All Pages

Which is not an example of an agency arrangement

Assignment Help Financial Accounting
Reference no: EM132604084

Question 1: Which of the following is not an example of an agency arrangement where the selling entity would recognise revenue on a net basis?

Select one:

a. A distributor receiving stock from its supplier on a sale-or-return basis. The sales price per unit is $100 and the cost per unit is $60.

b. A licensed hotel selling keno tickets to customers for $5.00 and remitting $4.50 per ticket to the state gaming authority.

c. A retailer selling goods to a customer for $88 and remitting $8 GST to the government.

d. A travel agent selling a cruise ticket to a customer, charging the customer $2 000 and remitting $1 800 to the cruise liner company.

Reference no: EM132604084

Questions Cloud

What the amount of cash paid for goods purchased : A discount of $8 000 for prompt payment was received. What the amount of cash paid for goods purchased during the year was
Explain the bear universal use of gebtic code : Explain the bear universal use of gebtic code between bacteria, archaea and eukarya?
Lifeblood of every business organization : According to Franks and Smallwood (2013), information has become the lifeblood of every business organization,
Purposeful eradication of entire biological systems : While there may be compelling reasons to do so, the purposeful eradication of entire biological systems or species from the face of this Earth
Which is not an example of an agency arrangement : Which of the following is not an example of an agency arrangement where the selling entity would recognise revenue on a net basis?
What the balance of the provision for sick leave at june : Accumulated untaken leave at 30 June 2023 it is estimated that 75% of it will be taken during the following year. The balance of the provision for sick leave
Create step-by-step it security policy : Create a step-by-step IT security policy for handling user accounts/rights for a student who is leaving prematurely
Specifics of the habitat of a tropical rain forest : What are some specifics of the habitat of a Tropical Rain forest? How is it different compared to California
Repeat the sprint at least five times : Go to your backyard or to your high school's basketball court or tennis court and try out this experiment to see if you can predict motion and inertia accuratel

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much did corp pay for the bonds

On January 10, 2017, B Corporation purchased 321 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2027, and pay interest annually beginning January 1, 2018. B corp purchased the bonds to yield 11%. How much d..

  Compute cost of goods manufactured

Compute cost of goods manufactured - prepare an income statement through gross profit and show the presentation of the ending inventories on the December 31, 2012, balance sheet.

  Compute the contribution margin for the current year

Viejol Corporation has collected the following information after its first year of sales. Sales were $1,600,000 on 100,000 units, selling expenses $220,000 (40% variable and 60% fixed), direct materials $508,000, direct labor $282,200, Compute (1) th..

  Calculate the straight-line depreciation

Calculate the straight-line depreciation. Calculate the depreciation based on the activity method - Calculate the depreciation for 2006 and the book value

  Discuss how would use a linear optimization model

Discuss how would use a linear optimization model in one area of proposed business. Explain the limitations and constraints and what impact have on model

  Assuming that expected and actual return were same

NorthEastern Logistics Inc. has PBO balance of $450,000 and Plan Assets balance of $ 420,000 on Jan 1, 2015. Actuarial valuation of PBO at Dec 31, 2013 was $520,000. Service cost for 2015 was $20,000 and expected rate of return and settlement rate wa..

  Describe your understanding of why the ifrs was created

Describe your understanding of why the IFRS was created, and how this will affect the accounting profession in terms of business relationships.

  Decision of inclusion of transactions in the cash flow

decision of inclusion of transactions in the cash flow statement.while preparing a cash flow statement you encountered

  Find which of the four basis accounting reports

Which of the four basis accounting reports indicates that it is appropriate to consider revenues and expenses as subcategories of retained earrings?

  Calculate each of the following for each alternative

Income before interest and taxes is expected to be $3,500,000. The company has a 30% tax rate and has 600,000 shares of common stock outstanding prior to the new financing.

  Impact lowe financial position

On November 2, 2016, Lowe's Companies, Inc. (NYSE: LOW (Links to an external site.)) paid a cash dividend of $0.35 per share to shareholders of record

  What amount of revenue should linkedin record for the years

On May 1, 2019, Luke paid LinkedIn $1,200 for his 2-year, What amount of revenue should LinkedIn record for the years of 2019 and 2020?

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