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Ivan
2 years ago
10

On November 15, Meier Company received $3,000 cash from a customer for services that were performed on November 1. According to

the Revenue Recognition Principle, on which date should the revenue be recorded?
Business
1 answer:
Leya [2.2K]2 years ago
7 0

Answer:

November 1

Explanation:

As per generally accepted accounting principles (GAAP), when the goods or services are delivered the revenue should be recorded and the transaction done in all respects.

The principle of revenue recognition occurs when the revenue is realized or earned, whether cash is obtained or not and it also meets the accounting accrual basis. Realizable here means that the consumer receives the product but the payment is made later.

Therefore, the revenue should be recorded on November 1

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One year ago, Debra purchased 5,400 shares of KNF stock for $218,056. Today, she sold those shares for $19.49 a share. What is t
kramer

Answer:

Capital gain yield will be -51.73%

So option (d) will be the correct answer

Explanation:

We have given that Debra purchased 4500 shares of KNF stock for $218056

So price of one share =\frac{218056}{5400}=$48.380

So the beginning price = $40.380

She sold the share at price of 19.49 per share

So ending price = $19.49

We have to find the capital gain yield

We know that capital gain yield is given by

Capital gain yield =\frac{end\ price-beginning\ price}{begninning \ price}=\frac{19.49-40.380}{40.390}=-51.73 %

So option (d) will be correct option  

7 0
2 years ago
Suppose that, for every 1-percentage-point decline of the discount rate, commercial banks collectively borrow an additional $2 b
almond37 [142]

Explanation:

Decline by $0.5 billion and the money supply will decline by $2.5 billion.

4 0
1 year ago
Throughout the text, Thoreau uses repetition, particularly parallel structure. Identify three or four examples and analyze their
Scorpion4ik [409]

Answer:

Throughout the text, Thoreau uses repetition, particularly parallel structure. Example:

"Simplify, simplify"

Explanation:

Thoreau tends to use embedded repetition to emphazise a point, as urging the readers to stop burying themselves in never-ending impossible tasks and simplify their lives with: "Simplicity, simplicity, simplicity!", or in paragraph 2: maybe creating a mantra-like urging, using also derivatives of words: "live, "life": Simplify, simplify".

4 0
2 years ago
Corny Solutions processes various corn related food items. One of its facilities located in Iowa, performs some initial processi
Novay_Z [31]

Answer:

correct option is a. common costs

Explanation:

solution

As common costs are  those associated with operating a facility shared by the two departments

and here One facility located in Iowa  and corn from the facility will be more further process into the corn for popping and the cornmeal

so as given cost at given costs at Iowa plant is common costs

so correct option is a. common costs

5 0
2 years ago
Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September. Prio
Romashka [77]

Answer: Manufacturing overhead for the month was underapplied by $19,000.

Explanation:

From the question, we are informed that before the closing of the overapplied or underapplied balance to cost of goods sold, the total of the debits to the manufacturing overhead account was $75,000 and the total of the credits to the account was $56,000.

This implies that the manufacturing overhead for the month was underapplied by ($75000 - $56000)= $19000. The manufacturing overhead debit balance shows that manufacturing overhead was simply underapplied in this case.

6 0
2 years ago
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