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aniked [119]
2 years ago
10

Monster music company provided music lessons to customers for $10,000, receiving $6,000 in cash and the rest on account. what is

monster music company's revenue under the accrual basis of accounting?
Business
1 answer:
prisoha [69]2 years ago
8 0

The monster music company's revenue under the accrual basis of accounting is $10,000

What is the accrual basis of accounting?

Under  the accrual basis of accounting, revenue is recognized when the goods have been delivered or services rendered regardless of when payment for goods or services is received.

The fact that Monster music company already provided the music lessons whose revenue is $10,000 means that it  should recognize the revenue for the whole music lessons provided rather the portion whose cash payment has been received

Find out more about accrual accounting on:brainly.com/question/11312217

#SPJ1

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Michael had a severe hearing impairment and worked as the supervisor of a fast food restaurant. Michael’s manager and the human
KiRa [710]

Answer: The correct answer is "C) giving up rather than standing up to the boss as required by law.".

Explanation: This is a situation of: <u>giving up rather than standing up to the boss as required by law.</u>

Michael should have sued his boss before the law so that he could instead be compensated for the bad treatment and discrimination and also collect unemployment compensation in the event that the employment relationship is terminated.

6 0
3 years ago
It usually takes less time to buy a six-pack of Pepsi, a loaf of bread, and a bag of potato chips at a small convenience store (
dybincka [34]

Answer:

The correct answer is the option A: a person with a high opportunity cost of time.

Explanation:

To begin with, the opportunity cost of something is what the person sacrificies in order to be doing that thing. Therefore that when we talk about the opportunity cost of time it refers to what the person sacrificies in order to do something with that time. If the person has a high opportunity cost of time then the sacrificies that he made with that time will be higher than other person that has a low opportunity cost of time, meaning that the time spent by that person is less important than to the one that has a lot of time to spare.  

6 0
3 years ago
Assume that, on January 1, 2021, Matsui Co. paid $1,795,200 for its investment in 74,800 shares of Yankee Inc. Further, assume t
mixas84 [53]

Answer: $1,852,320

Explanation:

First find out the proportion owned by Matsui.

= 74,800 shares / 220,000

= 34%

The investment at the end of the year is:

= Cost of investment + Shares of net income - Share of dividend

Share of income:

= Percentage ownership * Net income

= 34% * 240,000

= $81,600

Share of dividend:

= 34% * 72,000

= $24,480

Investment at end of year:

= 1,795,200 + 81,600 - 24,480

= $1,852,320

8 0
3 years ago
On April 1, 2016, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $57,200, ha
Harman [31]

Answer:

2016 Depreciation

Dr depreciation expense $5720

Cr Accumulated depreciation               $5720

2017 Depreciation

Dr depreciation expense $5720

Cr Accumulated depreciation               $5720

Journal entries for 2018 expenditure

Dr repairs and maintenance   $2900

Dr Equipment account             $11850

Cr Cash account                                          $14750

2018 Depreciation

Dr depreciation expense          $4800.83

Cr Accumulated depreciation                     $4800.83

Explanation:

There are two policies for depreciating non-current asset  especially when it is acquired part-way through the year like we have here, namely full year depreciation in the year of purchase and none in the year of disposal or proportional depreciation throughout the useful life,I am adopting the former in this question.

Formula for depreciation=cost-residual value/useful life

Yearly depreciation is ($57200-$0)/10=$5720

However,after two years the book value is calculated thus:

Book value=$57200-($5720*2)=$45760

additional cost incurred in enhancing the capacity of the asset would be added :  $45760 +$11,850=$57610

Since the useful life has also been reviewed up to 12 years, the depreciation from now on is $57610/12=$4800.83

5 0
3 years ago
Read 2 more answers
The theory of ____________ states that a nation should produce and sell goods to other countries that it produces most efficient
nikitadnepr [17]

comparative advantage theory is the answer

4 0
3 years ago
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