Homework Answers
Answer: they contribute to the production of revenue.
Explanation: According to Matching concept expenses are to be recognized in the same period in which the related revenues are earned.
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Expenses are recognized when: they are billed by the supplier. O they are paid. Othey contribute...
Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to...
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...
Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to...
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. Amount Activity Dugg paid its computer service technicians $100,000 in salary for work done in January. Answer from Dugg's standpoint. At the beginning of January, Turner Construction Company paid $8,100 in rent for February-April. McGraw-Hill...
The revenue recognition principle dictates that revenue should be recognized in the accounting records: O in...
The revenue recognition principle dictates that revenue should be recognized in the accounting records: O in the period that income taxes are paid. O when cash is received. O when the performance obligation is satisfied. O at the end of the month.
Which of the following describes the timing of when revenue is recognized?
Which of the following describes the timing of when revenue is recognized? In the period in which the related expenses are paid In the period in which the performance obligation is satisfied In the period in which payment is received for goods sold or work performed In the period in which the costs associated with earning the revenue are incurred and payment is received for goods sold or work performed
1. When will revenues and matching expenses be recognized? A.) The goods are shipped to customers...
1. When will revenues and matching expenses be recognized? A.) The goods are shipped to customers increasing accounts receivable B.) Raw materials or finished goods are purchased increasing accounts payable C.) Goods are received into finishing goods inventory D.) Suppliers are paid cash reducing accounts payable E.) Customers pay cash reducing accounts receivable
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when...
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized...
Expenses are recognized when a petty cash account is established. when an employee is reimbursed for...
Expenses are recognized when a petty cash account is established. when an employee is reimbursed for expenses incurred on behalf of the business. when cash is collected from a customer. when the petty cash fund is replenished.
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses....
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
According to the revenue principle, revenues should be recognized when they are earned, which happens when...
According to the revenue 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. points Required: The following transactions occurred in September 2017. For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount eBook Print Transaction Acustomer pays $28 cash for 28 song files from Apple's iTunes...
Most hospitals and healthcare organizations use accrual accounting which requires that revenue is recognized when services...
Most hospitals and healthcare organizations use accrual accounting which requires that revenue is recognized when services are performed (regardless of when the cash is collected) and expenses are recognized when resources are consumed in providing a service (regardless of when cash is paid). Group of answer choices True False
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...
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. Amount Activity Dugg paid its computer service technicians $100,000 in salary for work done in January. Answer from Dugg's standpoint. At the beginning of January, Turner Construction Company paid $8,100 in rent for February-April. McGraw-Hill...
The revenue recognition principle dictates that revenue should be recognized in the accounting records: O in the period that income taxes are paid. O when cash is received. O when the performance obligation is satisfied. O at the end of the month.
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized...
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
According to the revenue 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. points Required: The following transactions occurred in September 2017. For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount eBook Print Transaction Acustomer pays $28 cash for 28 song files from Apple's iTunes...
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