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
Harrizon [31]
3 years ago
8

Holten Farm sells new tractors and pays each salesperson a commission of $1,000 for each tractor sold. During the month of Augus

t, a salesperson, Fred, sold 3 new tractors. Jacob pays Jason on the 10th day of the month following the sale. Fred operates on the cash basis; the tractor dealer operates on the accrual basis. Which of the following statements is true?
A) Fred will recognize commission revenue earned in the amount of $3,000 in August.
B) Jacob will recognize commission expense in the amount of $3,000 in August.
C) Fred will recognize commission expense in the amount of $3,000 in September.
D) Fred will recognize revenue in the same month that the tractor dealer recognizes expense.
Business
1 answer:
OlgaM077 [116]3 years ago
5 0

Answer:

B.Jacob will recognize commission expense in the amount of $3,000 in August

Explanation:

Jacob will recognize commission expense in the amount of $3,000 in August for the 3 tractors that was sold and Jacob was the salesperson who pays Jason the amount of cash realized on the 10th day of the month following the sale of the tractors.

The Commission expenses can be calculated as:

(commission of $1,000× Number of tractor 3)

=$3,000

You might be interested in
Aide Industries is a division of a major corporation. Data concerning the most recent year appears below: Sales $17,560,000 Net
Nataliya [291]

Answer:

24.91%

Explanation:

The formula for return on investment is given as;

Net operating income / Average operating assets

= $1,071,160 / $4,300,000

= 24.91%

Therefore, return on investment is 24.91%.

5 0
2 years ago
"which group of organizational participants has the most vague job description?"
bezimeni [28]
<span>Maintenance workers have the most vague job description out of all the positions. Every other position has a detailed list explaining all of their duties. However, the maintenance position only lists one sentence of what their duties entail.</span>
6 0
2 years ago
The success of a company depends on how consistently employees follow established processes?
user100 [1]
Yes definitely depends on that
7 0
3 years ago
Please help me ...<br> thank you ..
spayn [35]

1 c AROUND THE INDUSTRY AVERAGE FOR OUR FEILDS

2c  LOST PRODUCTIVE TIME PROSPECTIVE NEW HIRES

3C LEAVING TO  ATTEND COLLEGE FULL TIME

7 0
3 years ago
During fiscal 2016, Shoe Productions recorded inventory purchases on credit of $337.8 million. The financial statement effect of
iren2701 [21]

Answer:

A. Increase liabilities (Accounts payable) by $337.8 million

Explanation:

The journal​ entry will be: Inventory (Credit - Increased) 337,860,000 and Accounts payable (Debit - Increased) 337,860,000.

The company must recognize the increase in the Inventory and the medium of payment (Accounts payable).

B is false because this operationn can also be a decrease in cash, but the amount in the operation is too high for this payment medium.

C is false because, the inventory is not sold, and COSG will be increased when the goods are sold.

D is also false because the inventory is increasing, not decreasing.

6 0
3 years ago
Other questions:
  • Reverse innovations are innovations that are adopted first in the Triad-based multinationals and then diffused around the world.
    8·1 answer
  • Amy is purchasing a new car whose MSRP is $21,450. She is trading in her
    14·2 answers
  • The mayor gave the winner a blue ribbon which kind of complement is the word in bold
    7·2 answers
  • Near money includes
    14·2 answers
  • Rural internet access, with one dominant provider that faces very little competition, is a good example of – market. it function
    6·2 answers
  • By improving the quality of goods and services produced, the ______ value of products and services is enhanced.
    6·1 answer
  • You will be paying $10,300 a year in tuition expenses at the end of the next two years. Bonds currently yield 8%.
    7·1 answer
  • Script between manager and customer while returning a product? ​
    7·1 answer
  • Is gender pay gap logical ? If so, kindly explain. <br> Thanks.
    8·1 answer
  • When companies like Uber and Lyft join the ride-share market, what would we most likely expect to see cab drivers do to their pr
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!