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2 years ago

Identify the accounting concept relevant to each situation below:

Business

1 answer:

leonid [27]2 years ago

8 0

Answer:

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On June 1, 2021, Royal Property Management entered into a one-year contract to oversee leasing and maintenance for an apartment

bekas [8.4K]

Answer:

$9,041

Explanation:

The computation of the total amount of revenue Royal should recognize on contracts in November of 2021 is shown below:-

Revenue to be recognized for 4 months = $62,000 × 4 ÷ 12

= $20,667

Total Fees = $62,000 + ($62,000 x 15%)

= $71,300

Revenue recognized at the end of November

= $71,300 × 5 ÷ 12

= $29,708

Revenue recognized in November of 2021

= Revenue recognized at the end of November - Revenue to be recognized for 4 months

= $29,708 - $20,667

= $9,041

7 0

3 years ago

Brief Exercise 22-09 Kaspar Industries expects credit sales for January, February, and March to be $211,000, $270,600, and $315,

aniked [119]

Answer:

Results are below.

Explanation:

Giving the following information:

Credit sales:

January= $211,000

February= $270,600

March= $315,300

It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month.

Cash collection January:

Sales on credit from January= (211,000*0.75)= 158,250

Total cash collection= $158,250

Cash collection February:

Sales on credit from February= (270,600*0.75)= 202,950

Sales on credit from January= (211,000*0.25)= 52,750

Total cash collection= $255,700

Cash collection March:

Sales on credit from March= (315,300*0.75)= 236,475

Sales on credit from February= (270,600*0.25)= 67,650

Total cash collection= $304,125

8 0

3 years ago

Which one of the following statements related to the internal rate of return (IRR) is correct? Multiple Choice Financing type pr

aleksley [76]

Answer:

nd -4- 2 (1)/(2)

Explanation:

6 0

3 years ago

Which area of study involves microeconomics?

Mazyrski [523]

Answer:

The science of microeconomics covers a variety of specialized areas of study including: Industrial Organization: the entry and exit of firms, innovation, and the role of trademarks. Labor Economics: wages, employment, and labor market dynamics.

Explanation:

5 0

3 years ago

Read 2 more answers

By how much did annualized consumption decline in november of 2008 when gdp was $14 trillion?

irga5000 [103]

Annualized consumption dropped immensely in November 2008. The 5 years prior to 2008 were some of our strongest yet, also, a GDP of $14 trillion is nothing to balk at. I am thoroughly surprised that the decline we experienced then came so soon after a long streak of winning.

5 0

3 years ago