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3 years ago

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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The cash account shows a balance of $42,000 before reconciliation. The bank statement does not include a deposit of $9,200 made

Keith_Richards [23]

Answer:

$45,473

Explanation:

Base on the scenario been described in the question, we can use this method to solve the problem.

Solution:

$42,000 + $4,960 – $1,100 – ($1,830 – $1,380) + ($381 – $318)

= $46,960- $,1,100-$450-$63

=$45,473

As our answer

8 0

3 years ago

Visburg Concrete Company pours concrete slabs for single-family dwellings. Lancing Construction Company, which operates outside

AleksandrR [38]

Answer:

$45,600 and yes

Explanation:

The computation of the contribution to profit from the special order is shown below:

= Sales revenue - Material cost - Labor cost

where,

Sales revenue = $3,300 × 40 slabs = $132,000

Material cost = $1,440 × 40 slabs = $57,600

Labor cost = = $7200 × 40 slabs = $28,800

Now put these values to the above formula

So, the value would equal to

= $132,000 - $57,600 - $28,800

= $45,600

The material and labor cost is a variable cost and the same is taken in the computation part

So, it should accept the special order

6 0

3 years ago

The phrase "invisible hand" means that:

never [62]

Answer:

The correct answer is letter "B": The tendency of competition to cause individuals and firms to unintentionally promote the interests of society.

Explanation:

In his book "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776), British economist Adam Smith (1723-1790) introduced the term "invisible hand" to refer that economic factors (buyers and sellers) naturally influence in the fluctuations of supply and demand without the need for the intervention of the government.

According to Smith, buyers and sellers interactions act as an "invisible hand" arranging proper levels of competition between businesses and promoting the best interest of societies.

4 0

3 years ago

Patrick has an adjusted gross income of $120,000 in the current year. He donated $50,000 in cash to a public charity; capital ga

bogdanovich [222]

Answer:

$8,000 bc (AGIx30%)- contributions

if this is a multiple choice question post the choices and i will tell you the corrrect one. thanks

4 0

3 years ago

Spencer Inc. applies overhead to production at a predetermined rate of 80% based on direct labor cost. Job No. 130, the only job

Romashka [77]

Answer:

Direct material= $5,600

Explanation:

First, we need to calculate the direct labor added to Work in Process:

Direct labor= allocated overhead / predetermined overhead rate

Direct labor= 6,400 / 0.8

Direct labor= $8,000

Now, by difference, the direct materials:

Direct material= Ending balance - allocated overhead - direct labor

Direct material= 20,000 - 6,400 - 8,000

Direct material= $5,600

3 0

3 years ago