1answer.
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
Roman55 [17]
3 years ago
7

he ABC Company operates a catering service specializing in business luncheons for large corporations. ABC requires customers to

place their orders 2 weeks in advance of the scheduled events. ABC bills its customers on the tenth day of the month following the date of service and requires that payment be made within 30 days of the billing date. Collections from customers have never been an issue in the past. ABC should recognize revenue from its catering services at the date when a
Business
1 answer:
gizmo_the_mogwai [7]3 years ago
8 0

Answer: b. Luncheon is served.

Explanation:

The Accrual Basis in Accounting requires that Revenues are recorded when they are earned as well as Expenses being recorded when incurred. Revenue is not to be recorded when the services have been paid for when when an order has been made. They are to be recorded when the service has been fulfilled or the goods delivered.

In the above case, ABC is a caterer and their main business is to serve business luncheons for large corporations.

This means that their service is done when they serve these luncheons. This should be when the revenue should be recognized then because this is when their service was delivered.

You might be interested in
You are planning your retirement in 15 years. You plan to retire with $3,000,000 and your retirement account earns 4.8% compound
Maslowich

Answer:

The retirement fund will last for 33 years and 7 months

Explanation:

We need to solve for time in an ordinary annuity

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C  $15,000.00

rate 0.004 (4.8% divide by 12 month)

PV $3,000,000

time n

15,000 \times \frac{1-(1+0.004)^{-n} }{0.004} = 3,000,000\\

we clear for n as much as we can and solve

(1+0.004)^{-n}= 1-\frac{3,000,000\times0.004}{15,000}

(1+0.004)^{-n}= 0.20

now we use logarithmic properties to solve for n:

-n= \frac{log0.2}{log(1+0.004)

-403.16  

this will be a value in months so we divide by 12 to get it annually

403/12 = 33,5833

we convert the residual to months:

0.5833 x 12 = 6.996 = 7 months

6 0
4 years ago
"the telling style of leadership has a ________ feature."
Shkiper50 [21]
Hi Laight6069, 

The telling style of leadership has a <span>high-task, low-relationship feature.</span>
5 0
4 years ago
The relationship between wealth accumulation and risk tolerance is referred to as what?
kati45 [8]

The relationship between wealth accumulation and risk tolerance is referred to as empirical results.

The methodical and disciplined process of acquiring assets in order to accomplish specific important objectives is known as wealth accumulation. Without a defined objective, wealth growth is similar to wealth hoarding in that it increases tension and anxiety.

The degree of risk an investor is willing to take is known as risk tolerance. Investors are typically questioned in order to determine their risk tolerance. Assessing their time horizon, assets, and need for income could be part of this.

Risk tolerance typically rises as money increases but declines as people get older. Personal experience and local trust both have a big impact. For high-income households, this influence on risk tolerance is especially pronounced. Risk tolerance is not much impacted by current social security.

To learn more about Risk Tolerance refer to:

brainly.com/question/20701963

#SPJ1

4 0
2 years ago
When deciding whether to sell a product as is or continue to process it, costs incurred to get the product to its current condit
Phoenix [80]

In deciding whether to sell a product or continue to process it, the costs incurred to get the product into its current condition are not relevant to the decision.

<h3>What is Cost Price?</h3>

This refers to the price at which a good was bought and might include the expenses incurred while procuring the goods.

Hence, we can see that when an owner is trying to decide whether to sell a good or process it, the costs incurred to get the product to its current condition are not relevant while making this decision.

Read more about cost price here:
brainly.com/question/19104371

3 0
2 years ago
. Why can't Japan make everything better than anyone else in the world? they
mr_godi [17]

Answer:

because its not USA

Explanation:

3 0
4 years ago
Read 2 more answers
Other questions:
  • Susan is the director of a federally funded program that assists at-risk teens with building communication skills, enhancing aca
    6·1 answer
  • Suppose there are only four airlines that service the air route between two cities. If there is a barrier to entering the market
    8·1 answer
  • The order fulfillment process involves which of the following functional areas of a​ business?
    5·1 answer
  • Can someone please help me???
    10·2 answers
  • When a bankruptcy court discharges a debt, that debt
    8·2 answers
  • By shutting​ down, a firm A. stops receiving revenue and is stuck with its fixed costs. B. can avoid paying taxes on its previou
    11·1 answer
  • Take-home pay is equal to
    8·1 answer
  • When the government's budget deficit increases the government is borrowing less and public savings increases.
    10·1 answer
  • For the past year, Zhao Events had taxable income of $198,600, beginning common stock of $68,000, beginning retained earnings of
    13·1 answer
  • If aggregate expenditure in an economy equals 1,000 0. 9y and full employment real gdp equals 9,000, then this economy has:_____
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!