Entity N follows the revenue recognition principle. It services a vehicle on September 30. The customer...
Entity N follows the revenue recognition principle. It services a vehicle on September 30. The customer picks up the vehicle on October 1 and mails the payment to Entity N on October 7. Entity N receives the check in the mail on October 9. When should Entity N show that the revenue was recognized?
Homework Answers
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Your answer : September 30 As per revenue recognition principle of accounting, revenue has to be recognized when the performance obligation has been met with, even if cash is not received. In this case entity N serviced the car on September 30. Therefore the company can recognize and record the revenue on September 30. |
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Entity N follows the revenue recognition principle.
It services a vehicle on September 30. The customer...
1) Entity N follows the revenue recognition principle. It services a vehicle on September 30. The...
1) Entity N follows the revenue recognition principle. It services a vehicle on September 30. The customer picks up the vehicle on October 1 and mails the payment to Entity N on October 7. Entity N receives the check in the mail on October 9. When should Entity N show that the revenue was recognized? a) september 30th b) october 7th c) october 1st d) october 9th 2. Entity M signed a six-month note payable in the amount of $60,000...
James's Tune-up Shop follows the revenue recognition principle. Jim finished repairing a car on July 31....
James's Tune-up Shop follows the revenue recognition principle. Jim finished repairing a car on July 31. The customer picked up the cas on August 1 and mailed the payment to James on August 5. James received the check in the mail on August 6. What date should James show that the revenue was earned? Justify your answer.
Zeke the Plumber follows the accrual accounting revenue recognition principle. Zeke performed services for a client...
Zeke the Plumber follows the accrual accounting revenue recognition principle. Zeke performed services for a client on July 10, notified the client that he did the job the next day July 11th. The customer mailed the check to Jerry on July 25. Jerry received the check next day (July 26). When should Jerry show that the revenue was earned? A July 26 B July 25 C July 11 D July 10
Please check answer Fang's Tune-Up Shop Ltd. uses the accrual basis of accounting. Fang services a...
Please check answer
Fang's Tune-Up Shop Ltd. uses the accrual basis of accounting. Fang services a car on May 31. The customer picks up the vehicle on June 1 and mails payment to Fang on June 5. Fang receives the cheque in the mail on June 6. When would Fang recognize the revenue as being earned? June May 31 June 5 June 6
Sheepskin Company had the following transactions during 2006 Sales of $4,500 on accoun Collected $2,000 for...
Sheepskin Company had the following transactions during 2006 Sales of $4,500 on accoun Collected $2,000 for services to be performed in 2007 Paid $625 cash in salaries Purchased airline tickets for $250 in December for a trip to take place in 2007 . 10. What is Sheepskin's 2006 net income using cash basis accounting? A) $1,375 B) $5,625 C) $1,125 D) $5,875 11. What is Sheepskin's 2006 net income using accrual accounting? A) S5,625 B) $3,875 C) $3,625 D) $5,875...
Check my wc According to the revenue recognition principle, revenues should be recognized when or as...
Check my wc According to the revenue recognition principle, revenues should be recognized when or as the company performs acts promised to the customer. For many businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September: Required: For each of the transactions, If revenue is to be recognized in September, indicate the amount. Activity Amount A customer paid $35 cash for 35 song files from Musica's store. Answer from Musica's...
Screen Capture Foroe Completion This teat can be savad and eumed atary point ual time has...
Screen Capture Foroe Completion This teat can be savad and eumed atary point ual time has expred The timar wil contrue to run i you leave the tast. Remaining Time: 1 hour, 09 minutes, 09 seconds. Question Completion Status Morg anerar queston wil save this worse Queston 2 of 20 Question 2 points Answer Khaled Repair Shop follows te revenue recognition principle. haled sences a car cn October 31 The customer picks up the vehicle on November l and ma...
According to the revenue recognition principle, revenues should be recognized when they are earned, which happens...
According to the revenue recognition principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. The following transaotions occurred in September Required For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount Activity a. Gillespie Enterprises Inc. issued $25 million in new common stock Cal State University...
Please answer and show detail 2. value: 1.00 points According to the revenue recognition principle, revenues...
Please answer and show
detail
2. value: 1.00 points According to the revenue recognition principle, revenues should be recognized when they are earned which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September: Required For each of the transactions, if revenue is to be recognized in September, indicate the amount. Activity Amount a. Gillespie Enterprises Inc. issued...
S3-3 Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The...
S3-3 Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues. S3-4 Applying the matching principle Suppose on January 1, Andrew's Tavern prepaid rent of $16,800 for the full year. At...
Please check answer
Fang's Tune-Up Shop Ltd. uses the accrual basis of accounting. Fang services a car on May 31. The customer picks up the vehicle on June 1 and mails payment to Fang on June 5. Fang receives the cheque in the mail on June 6. When would Fang recognize the revenue as being earned? June May 31 June 5 June 6
Sheepskin Company had the following transactions during 2006 Sales of $4,500 on accoun Collected $2,000 for services to be performed in 2007 Paid $625 cash in salaries Purchased airline tickets for $250 in December for a trip to take place in 2007 . 10. What is Sheepskin's 2006 net income using cash basis accounting? A) $1,375 B) $5,625 C) $1,125 D) $5,875 11. What is Sheepskin's 2006 net income using accrual accounting? A) S5,625 B) $3,875 C) $3,625 D) $5,875...
Check my wc According to the revenue recognition principle, revenues should be recognized when or as the company performs acts promised to the customer. For many businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September: Required: For each of the transactions, If revenue is to be recognized in September, indicate the amount. Activity Amount A customer paid $35 cash for 35 song files from Musica's store. Answer from Musica's...
Screen Capture Foroe Completion This teat can be savad and eumed atary point ual time has expred The timar wil contrue to run i you leave the tast. Remaining Time: 1 hour, 09 minutes, 09 seconds. Question Completion Status Morg anerar queston wil save this worse Queston 2 of 20 Question 2 points Answer Khaled Repair Shop follows te revenue recognition principle. haled sences a car cn October 31 The customer picks up the vehicle on November l and ma...
According to the revenue recognition principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. The following transaotions occurred in September Required For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount Activity a. Gillespie Enterprises Inc. issued $25 million in new common stock Cal State University...
Please answer and show
detail
2. value: 1.00 points According to the revenue recognition principle, revenues should be recognized when they are earned which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September: Required For each of the transactions, if revenue is to be recognized in September, indicate the amount. Activity Amount a. Gillespie Enterprises Inc. issued...
S3-3 Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues. S3-4 Applying the matching principle Suppose on January 1, Andrew's Tavern prepaid rent of $16,800 for the full year. At...
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