Answer:
$2.835 in March and $0 in May.
Explanation:
As per the data given in the question,
The actual method of accounting is that the revenue is not recognized in the period when the actual cash is received but the period in which it is earned.Hence, May-31 income statement will not recognize any part of revenue and March-31 income statement will recognize the whole revenue of $2.835 million.
Hence, $2.835 in March and $0 in May.
Answer:
$378,000
Explanation:
The answer to this question is quite simple
The Total Assets increase is $378,000
This is so due to the fact that the Notes Payable is $378,000 and there is no other transaction of liability
We have as net change on the asset to be $378000+$6900-_6900
This gives us = +$378000
Now this balances with a net increase in the 378,000 liability. Thus, the right answer is Total assets is going to increase by $378,000
Answer:
7,000 units
Explanation:
The units which were transferred to the Finished goods inventory during the month of February is computed as:
Units transferred to Finished goods inventory = Started units during February + Started the month with units in process - Ended the month with units in process
where
Started units during February is 6,700
Started the month with units in process is 890
Ended the month with units in process is 590
Putting the values above:
Units transferred to Finished goods inventory = 6,700 + 890 - 590
Units transferred to Finished goods inventory = 7,590 - 590
Units transferred to Finished goods inventory = 7,000
Answer:
The buyer will win, if the court finds that the $8,000 reduction in price is a fair reflection of the title defect.
Explanation: