Homework Answers
Answer 1
| Transactions | Amount |
|
a |
$ 28 - Here Apple iTune store provide goods or services i.e song files to customer i.e delivery of goods and services gets complete. Hence revenue of $ 28 to be recongnised. |
| b | No revenue to be recognized here, since here comparison between prices of two stores for car[et installation are given and actual delivery og goods and services has not taken place. |
| c | No revenue to be recognized here, since here Shaw communications is just scheduling to install digital cable and actual installations not taken place. |
| d |
$ 258400 - Here Shaw Communications installed digital cable for which payment will be received after 30 days. Even if payment not received, revenue of $ 258400 to be recognized here since installation gets completed means delivery of goods and services done. |
| e | No revenue to be recognized here. Since revenue had accounted at the time of digital cable installed. Currently Shaw Communications is receiving payment for services rendered. |
| f | No Revenue to be recognized. Since here customer only purchase tickets from WestJet however services not provided by WestJet to customer. If Flight get cancelled then WestJet needs to refund customer. Hence no revenue to be recognized. |
Answer 2
| a | $ 96000 - Here Gateway pays salary to service technician for his duty performed in the month of Jan 2017. Hence here activity giving rise to expenses occurred. |
| b | No Expenses to be recognized. Since here Tumboldt Construction Co pay rent for the month of Feb to April 2017 in the month of January which is prepaid in nature. |
| c | $ 1300 - Here Mcgraw Hill education use $ 1300 worth of electricity and gas in January to perform there task. Here company is utilizing the electricity which give rise to expenses Occurred. Actual payment is not relevent here. |
| d | $ 1800 - Since Pooler company paying for service provided by consulting group for the month of January 2017. Here Pooler company is receiving service which activity gives rise to occurring of expenses. |
| e | $ 5600 - In this case, Campus bookstore received consulting services for which payment is due withing thirty days of consultation. However activity of receiving service give rise to occurring of expenses. Here payment of service is irrelevent. |
| f | $ 340 - Here Schergevitch repaired its delivery Van. By description we can say that delivery van is vital part of business. Hence expenses incurred for repairing it should be expenses out. |
Thank You!
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Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to be entitled to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January: a. McGraw-Hill Education uses $2,774 worth of electricity and natural gas in its headquarters building for which it has not yet been billed. b....
Revenues are normally recognized when the entity has transferred to the buyer the significant risks and...
Revenues are normally recognized when the entity has
transferred to the buyer the significant risks and rewards of
ownership of the goods, it retains neither continuing managerial
involvement to the degree usually associated with ownership nor
effective control over the goods, it is probable that future
economic benefits will flow to the company, and the benefits from
afnd costs associated with the transaction can be measured
reliably. The amount recorded is the cash-equivalent sales price.
Assume that the following events...
Check my work Revenues are normally recognized when the company transfers promised goods or services in...
Check my work Revenues are normally recognized when the company transfers promised goods or services in the amount the company expects to receive. The amount recorded is the cash-equivalent sales price. The following transactions occurred in September: a. A popular ski magazine company receives a total of $11,545 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. b. On September 1 of the current year, a bank lends $1,500 to a company,...
Revenues are normally recognized when a company transfers promised goods or services to customers in the...
Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company exsects to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. The folowing transactions occurred in January a. McGraw-Hill Education uses $2,767 worth of electricity and natural gas in its headquarters building for which it has not yet been billed b. At the beginning of January,...
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Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Assume the following transactions occurred in January Required: For each of the transactions, if an expense is to be recognized in January, indicate the amount. Activity Amount Dugg paid its computer service technicians $126,500 in salary for work done in January. Answer from Dugg's standpoint. At the beginning of January, Turner Construction Company paid $3,900 in rent for February-April McGraw-Hill...
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Revenues are normally recognized when the entity has
transferred to the buyer the significant risks and rewards of
ownership of the goods, it retains neither continuing managerial
involvement to the degree usually associated with ownership nor
effective control over the goods, it is probable that future
economic benefits will flow to the company, and the benefits from
afnd costs associated with the transaction can be measured
reliably. The amount recorded is the cash-equivalent sales price.
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Help Save & CH Revenues are normally recognized when a company transfers promised goods or services to customers in the amount the company expects to be entitled to receive. Expense recognition is guided by an attempt to match the costs associated with the generation of those revenues to the same time period. Assume that the following transactions occurred in January cos a. McGraw-Hill Education uses $2,763 worth of electricity and natural gas in its headquarters building for which it has...
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