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
lapo4ka [179]
3 years ago
5

A flower shop makes a large sale for $1,000 on November 30 and delivers the flowers the same day. The customer is sent a stateme

nt on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 revenue recognized in the accounting records?
Business
2 answers:
romanna [79]3 years ago
4 0

Answer:

November 30

Explanation:

According to the revenue recognition principle, revenues are recognized when they are realized or realizable, and are earned no matter when cash is received.

kirill115 [55]3 years ago
4 0

Answer:

Explanation: The $1,000 revenue is recognized the day the sale was made and flowers delivered. Which is the 30th of November.

Following the above transaction, revenue is earned when a transaction has occurred which is the sale of $1,000 worth of flowers delivered the same day.

According to the Generally Accepted Accounting Principle, revenue is earned when there is an exchange of goods or services for cash or on account.

This means that it is not necessary that once the exchange has occurred, cash will be exchanged. It. The transaction can be in cash or on account. Which will end up in the cash/ bank or account receivable

You might be interested in
Which do you think would be more effective for shaping long-term ethical behavior in an organization: a written code of ethics c
-Dominant- [34]

Explanation:

A code of ethics can be defined as a set of rules and guidelines that exist in an organization to regulate the behavior and actions of all employees.

Therefore, there is no way to guarantee that only a formal and written code of ethics is necessary for managers and employees to actually practice ethical behavior.

What will define whether the code of ethics is really implemented in the company is its conduct and positioning in the internal and external environment. There is a way for a company to be unethical and have a complete and not exercised code of ethics.

Therefore, for the organizational culture to be based on the values ​​set out in the code of ethics, it is necessary to have strong ethical leadership, as the leader is responsible for motivating and guiding the actions of employees based on their own example, then in the long term , it can be said that an ethical leadership would be more impactful for the formation of the shared values ​​that form the organizational culture.

7 0
4 years ago
Chewy Candy has a beginning inventory of $1,000 with a retail value of $1,800. June purchases were $3,000, with a retail value o
S_A_V [24]

A. $351

B. $949

C. $4161

D. $1416


7 0
3 years ago
Mariah is single and has a monthly disposable income of $3,200. Her monthly cash outflow is approximately $2,800. Mariah include
Kryger [21]
It is d. <span>Her plan for protecting her assets. In case of an emergency, she should have renters insurance for her apartment.

Mariah has saved $15,000, from which, she will have $10,000 for a house down payment leaving her $5,000. Considering that she has to buy furnishings, her $5,000 will likely be used. Thus, she has to consider her spending.</span>
5 0
3 years ago
Justin is the CEO of Nexon Inc. He works in an open office and encourages his employees to approach his desk any time of day. Ju
nikitadnepr [17]

Answer:

The answer is: Democratic management style

Explanation:

This management style is based on the belief that two heads are better than one, and that every employee (no matter position they hold) deserves to have a say.

So managers that follow this style usually encourage their employees to participate and share their ideas and suggestions. They tend to create horizontal organizations, but the final and last decision still belongs to the boss.

Employees usually like this system because they feel they are a valuable and important part of the organization. Many times it leads to higher efficiency and productivity.

As a downside, these organizations tend be more messy (informal) and decision making processes are very time consuming.

5 0
3 years ago
How does globalization affect your life?
lina2011 [118]

Globalization affects all lives across the world with the world being completely connected by it.  All of the points given here are valid.

Explanation:

Due to a globalized economy we are able to -

-Buy clothes and items from across the world and get them shipped to us. We also are able to buy things made in different parts of the world.

- The communication between the whole world is now clicks away from each other

- The websites we use are created in other countries sometimes.

-The businesses in one's own country are often foreign businesses.

All of these are things that are happening due to globalization as the world has become completely interconnected and interdependent.

4 0
3 years ago
Other questions:
  • Our last four periods had sales, from oldest to most recent, of 100, 200, 130, and 300. what is the three-period ma
    7·1 answer
  • Could I Industries just paid a dividend of $1.62 per share. The dividends are expected to grow at a rate of 20 percent for the n
    8·1 answer
  • Why might you complete a 1040 instead of a 1040ez? everfi?
    13·2 answers
  • The table shows the taxable income range and marginal tax rates for a single taxpayer in Oceania. There are no exemptions or ded
    14·1 answer
  • If a competitive firm cannot earn a profit at any level of output during a given shortminusrun ​period, then which of the follow
    7·1 answer
  • A benchmark index has three stocks priced at $34, $57, and $67. the number of outstanding shares for each is 405,000 shares, 515
    14·1 answer
  • Flem is an employee of Glo Goods, Inc. Flem reports to state officials that Glo is illegally shipping unsafe goods to unsuspecti
    13·1 answer
  • Systems is a​ start-up company that makes connectors for​ high-speed Internet connections. The company has budgeted variable cos
    6·1 answer
  • ABC Systems located in Alabama expects a 9% after-tax rate of return on an equipment investment. The state tax rate is 6%. If th
    15·1 answer
  • Identify Maslow’s needs
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!