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Lelu [443]
3 years ago
13

The new ASC Topic 606 for revenue recognition:

Business
1 answer:
denpristay [2]3 years ago
5 0

Answer:

addresses when and how revenue should be recognized in contracts that provide both goods and service to customers.

Explanation:

ASC 606 is a new standard that provides guidance on revenue recognition to the companies that provide goods and services to its customers. This standard is for both public and private entities. Earlier there were some variations in the revenue recognition process across different companies. The new standard has now simplified standardization in financial reporting.

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Vijay Inc. purchased a 3-acre tract of land for a building site for $420,000. On the land was a building with an appraised value
PtichkaEL [24]

Answer:

$433,900

Explanation:

The computation of the capitalized cost of the land is shown below:-

Capitalized cost of the land = Purchase price + Demolition of building + Title insurance + Attorney fee + Property taxes covered during the period - Scrap value from the building

= $420,000 + $12,000 + $900 + ($3,000 - $500) - $1,500

= $420,000 + $12,000 + $900 + $2,500 - $1,500

= $435,400 - $1,500

= $433,900

5 0
3 years ago
The primary difference between manufacturing companies and service companies is that the products provided by service companies
ollegr [7]

Answer:

The products by services companies are consumed immediately.

Explanation:

Goods are physical tangible products that are used to satisfy human needs and wants. On the other hand, services are non-physical, nontangible products that also serve the purpose of satisfying human needs and wants.  

The manufactured good can be stored in inventories after production, however, the services are consumed as they are produced. They cannot be stored in inventories to be consumed later. They have to be consumed immediately.  

This is the main difference between the products of manufacturing companies and services companies.

5 0
4 years ago
You'd like to show your ads to users searching for custom t-shirts. which targeting method can you use?
Oliga [24]

Keyword targeting. You want to target users who are searching for exactly what you have to offer, and you can learn this by their key words.

6 0
3 years ago
When originally purchased, a vehicle costing $24,120 had an estimated useful life of 8 and an estimated salvage value of $2,200.
nydimaria [60]
<span>$5,375, The method used is finding the original deprecation per year rate and then find the net book value. Find the difference between this and the original salvage value and divide by the number of years left.</span>
3 0
3 years ago
SECTION B
Korvikt [17]
ANSWERS:

A-tertiary
B-primary
C-secondary
D-tertiary
E-primary

PLEASE MARK ME BRAINLIEST
6 0
3 years ago
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