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N76 [4]
3 years ago
9

For each of the following transactions, determine if Raymond Corporation has earned revenue during the month of May and, if so,

how much has been earned.Customer A paid Raymond $1,500 for work Raymond will perform in June.Customer B purchased $6,000 in inventory with the total payment expected to be received in four weeks. Those items had cost Raymond $3,600 in February.Raymond performed a service for Customer C and was paid $3,400 in cash.Customer D paid Raymond $2,300 for inventory that was purchased previously in April.
Business
1 answer:
kompoz [17]3 years ago
6 0

Answer:In the month of May, Revenue was only earned from Customer C $3,400 and customer D, $2,300. Revenue was not earned from Customers A and B in the month of May. Therefore, total revenue is $5,700.

Explanation:In accordance with the principle of revenue recognition,Revenue will only be recognised when it is earned and services when they are fully rendered. For Customer A, the service has not been rendered, Therefore, the revenue is not yet earned.

For customer B, Although agreement has been reached and goods delivered, since payment hasn't been received, revenue is not recognised.

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Mary wants to help pay for beth's education(her granddaughter). she has decided to pay for  half of the tuition costs, which are
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First, you have to calculate the amount of tuition when the student reaches age 18. Do this by multiplying $11,000 by 1.07 each year from age 12 until it reaches age 18. Thus, 7 times.

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At age 19: 17,664

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Then, we use this formula:

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