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lidiya [134]
3 years ago
12

A flower shop makes a large sale for $1,500 on June 30. The customer is sent a statement on July 5 and a check is received on Ju

ly 10. The flower shop follows GAAP and applies the revenue recognition principle. When should the $1,500 be recognized
Business
1 answer:
Vsevolod [243]3 years ago
3 0

Answer:

June 30

Explanation:

As per the revenue recognition principle, the revenue is recognized when it is earned or realized that means service is performed but the payment is not made at the time of providing the service.

It is not get impacted when will be the cash received.

So, in the given case, the large sale is made on June 30 and on June 30 the revenue would be recognized.

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The inconsistency described above is known as cognitive dissonance. It is a theory that describes the tendency of  an individual to find consistency of the cognitive functions. When this is not met, some behaviors and attitudes are to be changed in order to eliminate the inconsistency.
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For 2012 Fielder Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 12,000. There wer
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Answer:

$2.50

Explanation:

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MrRa [10]

Answer

B. Cover Letter

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Net requirements for component J are as follows: 60 units in week 2, 40 units in week 3, and 60 units in week 5. If a fixed-peri
agasfer [191]

Answer:

e. none of the choices.

Explanation:

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