Answer: C
Revenue is recorded in the accounting records and reported on the income statement when goods are sold and delivered to a customer.
Explanation:
The term revenue recognition at the point of sale refers to the process of recording revenue from manufacturing and selling activities at the time of sale. The revenue recognition principle states a company can record revenue when two conditions are met. They must be realized or realizable, and earned.
Answer:
the answer for this is going to be A
Hello hello hey miss miss you you can call me if 44677533345
Answer:
92.15%
Explanation:
Calculation for Green's cash tax rate
First step is to calculate the taxes payable
Taxes payable=$1,024,000+$51,200-$106,000-$25,600
Taxes payable=$943,600
Now let calculate the cash tax rate
Using this formula
Cash tax rate=Taxes payable/Pretax book income
Let plug in the formula
Cash tax rate=$943,600/$1,024,000
Cash tax rate=0.9215*100
Cash tax rate=92.15%
Therefore the Cash tax rate is 92.15%
Answer:
b. deposits in transit
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smooth manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The adjusting entry of interest earned is
Cash A/c Dr
To Interest income A/c
(Being interest is earned)
Likewise, for The fee for collection
Bank charges A/c
To Cash A/c
(Being fees is charged)
And for NSF check of customer, it would be
Account receivable A/c Dr
To Cash A/c
(Being the adjusting entry is made)
So, for this the adjusting entry is made but for Deposit in transit , no adjusting entry would be made.