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
Pavel [41]
3 years ago
6

If revenues are recognized only when a customer pays, what method of accounting is being used?Recognition basisAccrual-basisMatc

hing basisCash-basisPeriodicity
Business
1 answer:
Dvinal [7]3 years ago
3 0

Answer:

The correct answer here is Cash basis.

Explanation:

One of the methods of recording accounting transactions for income and expenses is cash basis accounting , where the transactions are only recorded when income is received in cash or expenses are paid in cash. This accounting method is not accepted by GAAP (Generally accepted accounting principle ) and IFRS ( International financial reporting standards ) because this method violates the income ( revenue ) and expense recognition principle.

You might be interested in
If producers moved the price from P3 to p1 A) producers would encounter a shortage. B) buyers would likely purchase fewer widget
andrew-mc [135]

Answer: D) buyers would scramble to get all available widgets.

Explanation:

The law of demand states that more quantity is demanded at a lower price, therefore if producers move prices from P3 to P1  there would be an increase in quantity of widgets demanded. Buyers would scramble to get all available widgets wich will create a shortage in the market

7 0
3 years ago
Read 2 more answers
Marriott International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totali
eimsori [14]

Answer:

Marriott International

Journal Entries:

a. $300,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Cash $300,000

Sale of Assets $300,000

To record the cash receipts from the sale of assets.

No gain or loss on disposal.

b. $900,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Debit Cash $900,000

Credit Sale of Assets $900,000

To record the cash receipts from the sale of assets.

Sale of Assets $600,000

Gain on Disposal $600,000

To record the gain on the disposal of the furniture.

c. $100,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Debit Cash $100,000

Credit Sale of Assets $100,000

To record the cash receipts from the sale of assets.

Loss on Disposal $200,000

Sale of Assets $200,000

To record the loss on disposal of the furniture.

2. The disposal of an asset creates either a loss on disposal or a gain on disposal, which is normally regarded as a capital loss or a capital gain, as the case may be.

Explanation:

a) Data and Calculations:

Furniture (cost) ............................... $8,000,000

Accumulated depreciation .............. ...7,700,000

Net book value = $300,000

a. $300,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $300,000

Sale of Assets $300,000

b. $900,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $900,000

Sale of Assets $900,000

c. $100,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $100,000

Sale of Assets $100,000

8 0
3 years ago
The cost of merchandise sold during the year was $45,000. Merchandise inventories were $13,500 and $10,500 at the beginning and
GenaCL600 [577]

Answer:

cash payments for merchandise total is $44,000

Explanation:

purchase for the year

Beginning Investment + Purchases - Ending Investment = Cost of Merchandise sold

13,500 + Purchases - 10,500 = 45,000

Purchases = 42,000

Therefore, the total cash paid  for merchandise

Beg. A/P + Purchases - End. A/P = Cash Paid

7,000 + 42,000 - 5,000 = $44,000

4 0
3 years ago
You want to be a millionaire when you retire in 40 years.
Sedaia [141]

Answer:

a. FV = $1,000,000

rate = 9.7%

n = 40 periods

FVIFA = [(1 + 0.097)⁴⁰ - 1] / 0.097 = 407.9960231

annual savings = $1,000,000 / 407.9960231 = $2,451.00

b. FV = $1,000,000

rate = 9.7%

n = 30 periods

FVIFA = [(1 + 0.097)³⁰ - 1] / 0.097 = 155.4306295

annual savings = $1,000,000 / 155.4306295 = $6,433.74

FV = $1,000,000

rate = 9.7%

n = 20 periods

FVIFA = [(1 + 0.097)²⁰ - 1] / 0.097 = 55.35978429

annual savings = $1,000,000 / 55.35978429 = $18,063.65

7 0
3 years ago
In the model of monopolistic competition, if firms have average cost curves that________ with the quantity sold, then opening tr
Gemiola [76]

Answer:

a. downward sloping

b. decrease

c. decrease

Explanation:

Monopolistic competition is a type of imperfect competition:

 Companies do not have the monopoly market power but they do have some market power.

Behavior :

As in the other models already analyzed, these companies seek to maximize their profit, which will lead them to set their level of activity at the cut-off point of the marginal revenue and marginal cost curve.

Once this level of activity has been determined, the price will be determined by the demand curve.

Therefore, in a monopolistic competition market, the company produces in the descending section of its average total cost curve, while in competitive markets it produces at the minimum point of its average total cost curve.

Monopolistically competitive companies produce below the efficient scale. This lower activity means that, unlike the perfectly competitive market, the total profit is not maximized.

8 0
3 years ago
Other questions:
  • Regardless of how well or poorly a franchise business is doing, franchisees must give the franchiser a monthly
    13·1 answer
  • The appearance of coca-cola and ford on american idol is an example of which type of integrated marketing communications?
    10·1 answer
  • Tom is the quality control manager for the company XYZ. XYZ recently received some complaints about its product A's quality and
    12·1 answer
  • A simple linear demand function may be stated as q = a - bp + ci where q is quantity demanded, p is the product price, and i is
    13·1 answer
  • Vextra Corporation is considering the purchase of new equipment costing $43,500. The projected annual cash inflow is $12,700, to
    7·1 answer
  • Which of the following is a benefit of a hat?
    9·2 answers
  • Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $206,000 of raw materials on credit
    9·1 answer
  • PLEASE HELP ASAP!!! (There are 5 questions)
    14·1 answer
  • If GDP is expected to increase at a steady rate of 3% per year, how many years would it take for living standards to double
    12·1 answer
  • Craig and Kris were walking directly toward each other in a congested store aisle. Craig moved to his left to avoid Kris, and at
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!