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
Reika [66]
2 years ago
8

Orange County Shop follows the revenue recognition principle. Orange County services a bicycle on July 31. The customer picks up

the bike on August 1 and mails the payment to Orange County on August 5. Orange County receives the check in the mail on August 6. When should Orange County show that the revenue was recognized?
Business
1 answer:
sp2606 [1]2 years ago
4 0

The correct answer is A) July 31st.

Orange County shows that the revenue was recognized on July 31st.

The other options of the question were B) August 1. C) August 5. D) August 6.

To be successful, a business needs good control and operation systems. Accounting is of the utmost importance when controlling the finances of a company. You have to keep your records straight. Your accountant needs to clearly understand when to record revenue in your book. So the accountant has to understand the general principles of accounting. According to the revenue recognition principle, revenue has to be recognized when they are realized, so you keep it in the book.

You might be interested in
If Marla's company changed its organizational structure from one based on country to one based on industry groups, it would best
kumpel [21]

Answer:

Here the Marla's company can be best described as C) border less organization.

Explanation:

Border less organization which is also commonly know as transnational corporation, is best used to describe a multinational organization, which has its head quarter in one country and various offices, facilities in multiple countries. Being this type of corporation helps a company in targeting larger customer base , utilizing national competences .

3 0
2 years ago
One year ago, JK Mfg. deposited $12,000 in an investment account for the purpose of buying new equipment four years from today.
DiKsa [7]

Answer:

Cash available after the final deposit 41,463.52

Explanation:

Principal * (1+ r)^{time} = Ammount

12,000 * (1+ .055)^{5} = Ammount

The 12,000 capitalize for 5 years

15,638,52

15,000 * (1+ .055)^{1} = Ammount

Capialize for 1 year

15,825

10,000 this deposit doesn't capitalize is deposit to complete and purchase the equipment

15,638.52 + 15,825 + 10,000 = 41,463.52

5 0
2 years ago
Which of the following are elements you should include in meeting minutes? Check all that apply. Old business, new business, and
kompoz [17]

Answer:

-Old business, new business, and reports

-Your opinions of the motions

-Approval of previous minutes

Explanation:

Meeting minutes are the written or recorded documentation that is used to inform attendees and none attendees about what was discussed or what happened during a meeting. Minutes usually include Names of participants. Agenda items covered. Decisions made by participants.

Meeting minutes act as a measuring stick, Minutes record meeting decisions, which makes them a useful review document when it comes time to measure progress. They also act as an accountability tool because they make it clear whose duty it was to perform which action.

4 0
2 years ago
A salesperson is offering promissory notes for a company selling coffee at drive-through kiosks. The notes pay a 13% interest ra
OverLord2011 [107]

Answer:

Legitimate promissory notes are marketed to sophisticated, corporate investors that have the ability to thoroughly research the company issuing the notes and determine whether the issuer will be able to repay principal and interest.   There have been many instances of "promissory note fraud" where unlicensed individuals push bogus promissory notes that are sold as investments that offer above-market fixed interest rates and safeguarding of principal - and most of there are frauds.  This is a major concern to state regulators.

To offer a promissory note, both the salesperson and the note must be registered in the state.  Only promisory notes that have maturities of 9 months or less, that are investment grade, and are sold in minimum increments of $50,000 are exempt from registration.  

Finally, the tell-tale sign of fraud are:

Statements that tho notes are "guaranteed" or insured, especially by bogus foreign entities.

Promises of above-market rates fo return

Statements that the notes are "risk"free"

The labeling of a star-up company´s notes as prime

Offers of promissory notes from a stanger who does not know the costumer financial situation

4 0
2 years ago
Marigold Co. reports the following information for 2020: sales revenue $780,800, cost of goods sold $519,000, operating expenses
siniylev [52]

Answer:

Explanation:

The statement of stockholder's equity comprises common stock and retained earnings. The ending balance after adjustment shown in the attached spreadsheet.  

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

And, the ending balance of the common stock = Beginning balance of common stock + issued shares  

Before preparing the statement of stockholders’ equity we need to calculate the net income or net loss as the case may be. The computation is shown below:

Net income = Sales revenue - cost of goods sold - operating expenses

                    = $780,800 - $519,000 - $88,800

                    = $173,000

The preparation of the statement of stockholders’ equity is presented in the spreadsheet. Kindly find the attachment below:

4 0
2 years ago
Other questions:
  • 1. How much interest would you pay on a loan of $1,230 for 15 months at 15 percent APR if the interest is 18.75 per $100?
    15·1 answer
  • A bagel shop sells fresh baked bagels from 5 a.m. until 7 p.m. every day. The shop does not sell day-old bagels, so all unsold b
    5·1 answer
  • Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been chosen as
    8·1 answer
  • If $1,000,000 of 9% bonds are issued at 102 3/4, the amount of cash received from the sale is
    9·1 answer
  • A company has net working capital of $2,507, current assets of $6,650, equity of $22,530, and long-term debt of $10,640. What is
    15·1 answer
  • EDP is trying to decide between two different conveyor belt systems. System A costs $438,000, has a six-year life, and requires
    10·1 answer
  • You are evaluating two different silicon wafer milling machines. The Techron I costs $276,000, has a three-year life, and has pr
    15·1 answer
  • At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of
    5·1 answer
  • The management of Bonga Corporation is considering dropping product D74F. Data from the company's accounting system for this pro
    8·1 answer
  • Suddeth Corporation has entered into a 6 year lease for a building it will use as a warehouse. The annual payment under the leas
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!