answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Rom4ik [11]
2 years ago
11

Colbert operates a catering service on the accrual method. In July of year 1 Colbert received a payment of $9,000 for 18 months

of catering services to be rendered from August 1st of year 1 through July 31st year 3. When must Colbert recognize the income if his accounting methods are selected to minimize income recognition?
A. $500 is recognized in year 1, $6,000 in year 2, and $2,500 in year 3.
B. $500 is recognized in year 1 and $8,500 in year 2.
C. $9,000 is recognized in year 3.
D. $2,500 is recognized in year 1 and $6,500 in year 2.
E. $9,000 is recognized in year 1.
Business
1 answer:
il63 [147K]2 years ago
3 0

Answer:

D. $2,500 is recognized in year 1 and $6,500 in year 2.

You need another option

$2500 year 1

$6000 year 2

$500   year 3

Explanation:

Under the accrual basis of accounting (or accrual method of accounting), revenues are reported on the income statement when they are earned. When the revenues are earned but cash is not received, the asset accounts receivable will be recorded.

Accrual method  

Aug to 18 Months 9000  

 

Aug Year 1 500  

Sep Year 1 500  

Oct Year 1 500  

Nov Year 1 500  

Dec Year 1 500    2500

Jan Year 2 500  

Feb Year 2 500  

Mar Year 2 500  

Apr Year 2 500  

May Year 2 500  

Jun Year 2 500  

Jul Year 2 500  

Aug Year 2 500  

Sep Year 2 500  

Oct Year 2 500  

Nov Year 2 500  

Dec Year 2 500  6000

Jan Year 3 500           500

You might be interested in
A toll tunnel has decided to experiment with the use of a debit card for the collection of tolls. Initially, only one lane will
erma4kov [3.2K]

Answer:

expect the customer to wait = 6.74  sec

1 car would expect to see in the system.

Explanation:

given data

arrive rate λ = 300 per hour

verify the debit card u = 1 card per 5 second = 720 card per hour

solution

L(q) = 300² ÷ ( 2 × 720 (730-300) )  

L(q) = 0.1453

L(q) = 2.0833

and

L(s) = 0.1453 + 300/720

L(s) = 0.5619   W(s)

so

expect the customer to wait = 0.5619 ÷ 300

expect the customer to wait =0.001873  

expect the customer to wait = 6.74  sec

and

L(s) 0.5619 = 1 cars

so 1 car would expect to see in the system.

5 0
2 years ago
Benny, a supervisor, needs to assess Amanda's, a subordinate's, performance. He considers Amanda to be reliable and meets all hi
prohojiy [21]

Answer:

B. Contrast Error

Explanation:

Contrast error occurs during the performance evaluation of an employee, whereby the evaluation or appraisal of the employee is affected by the fact that the previous employees or co-workers were relatively good or bad. It is a rating error in evaluation of an individual, in which the level of performance of that individual or group is affected by the level of performance of another individual or group. In this case, Amanda was rated average by Benny because of how excellent Christina is. Amanda was set to get a higher performance rating Benny did not compare her performance to that of Christina.

6 0
2 years ago
Labor Input Total Product Marginal Product Average Product 1 8 8 8.0 2 17 9 8.5 3 27 10 9.0 4 36 9 9.0 5 44 8 8.8 6 51 7 8.5 7 5
Yuki888 [10]

Answer:

Check the explanation

Explanation:

Labor Input is an indicator the pointer characterizing the labor expressed expenditure in man-hours on a production of a particular consumer value or on a technical operation.

Total product is the total amount of output that a firm produces; it is usually stipulated in relation to a variable input.

Marginal Product is the physical efficiency or productive ability of an input in the change in output which results from employing one more unit of a particular input, presumptuous that the amounts of other inputs are kept constant.

Average Product is the amount of the overall output that was being produced per unit of a variable input, holding all other inputs at a constant rate.

The graphical solution to the question above can be seen in the attached image below.

8 0
2 years ago
You deposit a $100 check from a friend in your account. A couple of days later, you buy $45.20 worth of groceries and pay with a
igomit [66]

Answer:

The correct answer is, $121.2

Explanation:

You went for grocery and paid the bill through check.

Amount of grocery purchased: $45.20

You check bounced and you owe bank $25 because you didn't have much balance in your account that you paid for the groceries.

Your bank did an additional transaction of debiting your account with $25 for the bouncing of your check.

Grocery store sent you the letter to tell that you owe them $25 for the bounced check

You will have to pay again $45.20

Money order fee: $1

So the amount that you actually spent on groceries would be:

$45.2(real grocery amount) + $25(you owe to bank for bouncing your friend's check) + $25( Your check bounced) + $25(grocery store charged due to bounced check) + $1(money order)

= $121.2

So you are actually charged $ 121.2 for the groceries.

5 0
2 years ago
For each of the following three scenarios, would you rather: a. Receive $100 in one month or $100 in two months (most people pre
Kryger [21]

Answer:

I would Like to receive $100 in one month rather in two months.

I would like to take to take dinner in one month rather in two months.

Explanation:

Time value of money money describes that the amount now in hand is worth more rather having it after some time. All the money have potential earning capacity and it earn with the passage of time as time gone the earning will also lost. That is why it is better to receive money in one month rather in two months and have dinner in one month rather in two months.

8 0
2 years ago
Other questions:
  • If lynx corp. estimates its bad debt to be 1% of net credit sales, what will be the balance in the allowance for doubtful accoun
    9·1 answer
  • Tina, a longtime republican, is trying to decide how to vote in the upcoming mayoral election. she has researched the candidates
    8·1 answer
  • Space travel is expensive! For their trip to the Moon, the Apollo astronauts' living quarters were only 213 cubic feet (that's s
    15·1 answer
  • ABD Tech has invested $20 million to install business intelligence software (BIS) at all of its branches across the globe so tha
    5·1 answer
  • Martha claims that she has been assigned marginal job roles or light workloads that don't lead to promotion. Which of the follow
    8·1 answer
  • n August, one of the processing departments at Tsuzuki Corporation had beginning work in process inventory of $24,500 and ending
    8·1 answer
  • Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the period showe
    11·1 answer
  • Per Chevron’s 3Q 2013 filing, what was the percentage change in the cost of purchased oil products when comparing nine months en
    10·1 answer
  • If the stock market was perfectly, efficient, which of the following would be true?
    11·1 answer
  • Razor Inc. manufactures industrial components. One of its products used as a subcomponent in auto manufacturing is Fluoro2211. T
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!