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devlian [24]
3 years ago
11

sells subscriptions for $ 120 for 30 issues. The company collects cash in advance and then mails out the magazines to subscriber

s each month. Apply the revenue recognition principle to determine a. when Boston Magazine should record revenue for this situation. b. the amount of revenue Boston Magazine should record for seven issues. a. Boston Magazine should record revenue when ▼ the subscribers. b. Boston Magazine should record $ 28 for seven issues.
Business
1 answer:
s344n2d4d5 [400]3 years ago
3 0

Answer:

Boston Magazine should record revenue when the magazines are delivered  to the subscribers

Boston Magazine should record $28 for seven issues

Explanation:

Revenue should recognized when earned and not when it is received.It is earned when the seller fulfills his obligation by delivering the promised good or service to the buyer.

Hence, the revenue received in  advance should be credited to revenue received in advance account until it is earned

The cost per issue of magazine is $4 ($120/30),so as a result,seven issues would be $28($4*7)

The double to record the seven issues is as follows:

Dr Revenue in advance $28

Cr Revenue                            $28

Henceforth,the value of magazines delivered each is debited to revenue in advance and credited to revenue to show the amount of revenue earned each month

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1. Lack of legal capacity, especially to testify or bring to trial. Also called "impossible". It can be caused by various kinds of disqualification, incapacity or incompetence. A court may appoint a guardian for a person found to be unsound by a formal hearing.

The definition of incompetent is a person or something that is unqualified, inadequate, or inadequate for a particular purpose. An example of incompetence is someone who is behind the wheel of a manual transmission car and does not know how to operate a stick shift. Lack of qualities necessary for effective action or action.

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7 0
1 year ago
John's Locomotive Works manufactures a model locomotive. It comes in two versions: a standard (X1) and a deluxe (X2). The locomo
Law Incorporation [45]

Answer:

Explanation:

X1                    X2              Z

0                      0                0

16                     0                 4,000

0                      10                3,500

8                       6                 4,100

check the picture attached for more explanation

3 0
3 years ago
Which of the following costs do not vary with the amount of output a firm produces? a. average fixed costs b. fixed costs and av
Harrizon [31]

Answer:

d. fixed costs

Explanation:

The fixed cost is the cost which does not change if there is a change in the level of production i.e if the production level is increased or decreased it the fixed cost would remain the same as it is previous before

Therefore according to the given situation, since the fixed does not vary with the amount of firm output

Hence, option d is correct

4 0
3 years ago
Why might buying a home during a recession be a good decision for some consumers? Check all that apply. a. Housing prices are do
andreev551 [17]

Answer:

<em>a. Housing prices are down. </em>

<em>c. Less demand means more options for buyers.</em>

<em> d. Less demand means less competition with other buyers.</em>

Explanation:

During a <em>recession</em> in the economy, the <em>aggregate demand</em> is on a lower side. This makes the housing prices lower. Lower prices due to lower demand, imply more options for the buyers. Lower demand indicates less competition with other buyers for a buyer.

Hence, all (a), (c) & (d) are the main solutions to the problem, that's why it's easier to get a mortgage.

5 0
3 years ago
Read 2 more answers
A supplier charges 15% interest on past-due amounts. Interest on a $512 account is $10.52. For how many days must the count have
labwork [276]

Answer:

For how many days must the count have been overdue assuming the supplier uses a 365-day year? 50 days

Explanation:

ACCOUNT         512  

% Interest           15%  

Annual interest 76,8  

   

 76,8         365

 10,52 x

   

X=50 days  

4 0
3 years ago
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