Homework Answers
Ans
Option D is correct
March 31, 2020
EXPLANATION:-
Revenue recognition: Revenue is recognized when both of the following conditions are met:
a. Revenue is earned.
b. Revenue is realized or realizable.
Revenue is earned when products are delivered or services are provided.
Realized means cash is received.
Realizable means it is reasonable to expect that cash will be received in the future.
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Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies...
Assume that your company purchases inventories from a Mexican
supplier on December 15. The invoice specifies that payment is to
be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos.
Your company operates on a calendar year basis.
Assume the following exchange rates and dates:
December 15……………..$0.04:1 Peso
December 31……………..$0.05:1 Peso
March 15…………………..$0.06:1 Peso
Submission Requirements:
Prepare a PowerPoint slide presentation answering the
following:
The journal entry by your company on December 15, the adjusting
entry...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis. Assume the following exchange rates and dates: December 15……………..$0.04:1 Peso December 31……………..$0.05:1 Peso March 15…………………..$0.06:1 Peso The journal entries are as follows: Date Account Dr Cr 15-Dec Inventory 6,000 Accounts Payable 6,000 To record purchase of...
plz
help ty
3. You forgot to pay your $100 cell phone bill and were charged a $5 late fee. If you paid it 5 days after the due date, what is the APR? What is the EAR? 4.
3. You forgot to pay your $100 cell phone bill and were charged a $5 late fee. If you paid it 5 days after the due date, what is the APR? What is the EAR? 4.
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Need help solving
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3. As a new staff accounting, your manager sends you to Pittsburg to observe and verify the inventory of the Pittsburg branch of one of your clients. You arrive on Thursday, December 30, and find that the inventory procedures have just been started. You spot a railway car on the sidetrack at the unloading door and ask the warehouse superintendent, John Reacher, how he plans to inventory the contents of the car. He responds, "We are not going to include...
Assume that your company purchases inventories from a Mexican
supplier on December 15. The invoice specifies that payment is to
be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos.
Your company operates on a calendar year basis.
Assume the following exchange rates and dates:
December 15……………..$0.04:1 Peso
December 31……………..$0.05:1 Peso
March 15…………………..$0.06:1 Peso
Submission Requirements:
Prepare a PowerPoint slide presentation answering the
following:
The journal entry by your company on December 15, the adjusting
entry...
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