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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

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Each of the following are types of__________allocation methods:
storchak [24]

Answer:

Each of the following are types of Overheads allocation methods.

Explanation:

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When determining the cost of a cost object these overheads are apportioned to departments they pass through for processing  or the actual job using an allocation method.

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3 years ago
A situation occurring when the value of a nation’s exports exceeds the value of its imports is called a trade surplus.
Dafna11 [192]

Answer:

hey matthew

Explanation:

Is TRUE.

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6 0
4 years ago
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Wanda Sotheby purchased 120 shares of Home Depot stock at $148 a share. One year later, she sold the stock for $140 a share. She
Archy [21]

Answer:

Return on investment =  -0.71%

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<em>The return on investment is the sum of the dividends earned and capital gains made during the holding period of the investment.  </em>

<em>Dividend is the proportion of the profit made by a company which is paid to shareholders.  </em>

<em>Capital gains is another type of the return made on an equity investment as a result of increase in the value of the shares. It is difference between the cost of the share and the value at the time of disposal</em>.  

Therefore, we can can compute the return on the investment as follows:  

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Return on investment = -126 /(148× 120) = -0.71%

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General technological advance is most likely to cause the production possibilities frontier to shift outward from a to b.

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