Answer:
Correct Answer:
c. there is no reasonable basis for estimating collectibility.
Explanation:
The cost recovery method of revenue recognition is a concept in accounting that refers to a method in which a business does not recognize income related to a sale until the cash collected exceeds the cost of the good or service sold. <em>When a situation present itself where there is no reasonable basis for estimating collectibility, it justifies the use of the cost recovery method of revenue and profit recognition.</em>
Answer: the correct answer is Consideration
Explanation:
Heidi, the founder of Camp Bow Wow, proves herself to be a leader as she asks her employees for suggestions and inputs before making decisions. In the given context, Heidi demonstrates <u>consideration</u>.
Modified rebuy
A company buyer is involved in a modified rebuy situation when they choose to alter parameters, such as quality or choices, for previously purchased goods.
MODIFIED REBUY - It is a purchasing scenario in which a person or business purchases items that have already been acquired, but modifies either the supplier or another aspect of the prior order. when a business is able to save a ton of time thanks to modified rebuy, businesses keep lists of supplies and goods that can be repurchased from the same source or another supplier from a pre-approved list who has already been on board and is familiar with the requirements. This modification indicates adjustments made to the supplier's or the client's needs.
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Answer:
$563,700
Explanation:
Calculation of cash is as seen below.
Sales revenue. $560,000
Add: Decrease in accounts receivable ($22,500 - $18,800) $3,700
Cash received from customers. $563,700.
Note: other information given in the question are not relevant for the computation of cash received from customers for the year.
Therefore, cash received from customers for the year is $563,700
