Answer:
The $5,680 expense should the firm deduct from revenues in the month when it recognizes the revenue.
Explanation:
According to the matching accounting principles, the expenses and revenues should be recorded in that period in which they are incurred and earned.
In the question, the Sheridan pays $2,590 in April, and $3,090 in may but it incurred in April
So, the total amount would be $2,590 + $3,090 = $5,680 should be recorded on April month only.
<u>Answer:</u>
<em>Medicare refers to a</em><em> program for the individuals</em><em> of and above the age of 65 with certain disabilities and diseases. Medicare the FFS scheme, that is, Fee-for-Service covers two parts, Part A and Part B.
</em>
<u>Explanation:</u>
Part A includes Nursing care whereas Part B includes Doctor's assistance. In the given case, Kelly is entitled to Part A, but not to Part B. Thus, in order to join a Medicare health plan, she also must enrol in Part B.
Answer:
A. Retained earnings
Explanation:
The retained earnings and the paid-in Capital are components of the stockholder's equity in the balance sheet.
The retained earnings is the accumulated net income balance over the years. It is affected by the company's profit or loss and dividend declared and paid.
The common stock and Additional paid-In capital are elements of the paid-in Capital .
Answer:
B. Imposed Non Exchange Transactions
Explanation:
A non exchange transaction is a form of transaction whereby a party or a group or an individual receives something of value without directly giving value back in exchange. In non exchange transactions, a party gives value to another without directly receiving approximate value in exchanges. Grants, taxes, special assessments, fines and so on are all parts of non exchange transactions. However, taxes and fines are imposed non exchange transactions because they are assessed and not derived from transactions.
