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Anuta_ua [19.1K]
3 years ago
14

Sheridan, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. In completing the engag

ement, Sheridan pays no costs in March, $2,590 in April, and $3,090 in May (incurred in April). How much expense should the firm deduct from revenues in the month when it recognizes the revenue?
Business
1 answer:
Brrunno [24]3 years ago
8 0

Answer:

The $5,680 expense should the firm deduct from revenues in the month when it recognizes the revenue.

Explanation:

According to the matching accounting principles, the expenses and revenues should be recorded in that period in which they are incurred and earned.

In the question, the Sheridan pays $2,590 in April, and $3,090 in may but it incurred in April

So, the total amount would be $2,590 + $3,090 = $5,680 should be recorded on April month only.

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Sophie [7]

VAT added to the products price at the stage of sale.

Answer: Option B

<u>Explanation:</u>

VAT stands for value added tax. VAT system is like a GST. The VAT has to be paid by the consumer or a business concern must pay the cost of goods and services and has to be subtracted material cost of previous year if any.

At the exact and each time value is added when a sale is made. Each and every seller in the production chain as to be charges VAT tax to the buyer, which it's remitted to the government.

3 0
3 years ago
A manager is concerned that there isn’t enough time spent on production and too much time spent on setups. The manager decides t
Katarina [22]

The impact would be that the average size of the inventory will increase.

If the manager has decided to double the production batch size then the average size of the inventory will also increase.

<h3>What is an inventory? </h3>
  • In general terms an inventory refers to all the goods, items, products, which are a part of the business organization.
  • For different industries the inventories have different meanings.
  • Manufacturing industry: the inventory is not only the finished or the final product but also the raw materials are included.
  • Service industry: the inventory of the service industry includes the steps involved in the sales of the product.
  • Raw materials, finished goods, work that is in process etc.. all of this is inventory.
  • Inventory is an important asset for all businesses and it is important to understand the meaning of it.

To learn more about inventory visit:  brainly.com/question/14179825?

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6 0
1 year ago
Which of the following is an example of a challenge faced by contemporary organisations?​
WARRIOR [948]

Answer:

b. environmental issues

c. global economy

Explanation:

Changes in the environment, such as pollution and global warming, affect operations and profitabiity.

The global economic crisis slows down organizational performance.

8 0
2 years ago
On September 1, Year 1, Gomez Company collected $9,000 in advance from a customer for services to be provided over a one-year pe
Margaret [11]

Answer:

d. $9,000; $9,000

Explanation:

As cash received on January 1 in advance to provide service in one year which is completed on December 31. So all the Unearned revenue is recognized because service for 12 month has been performed so whole amount will be reported in Income statement for the year ended December 31. Only cash received is from the service revenue activity so, it is also reported as $9,000. correct option is d. $9,000; $9,000.

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3 years ago
What is true about credit scores
Arada [10]
You can make them good by buying things with your credit card for little amounts of money and paying the bill right away!
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8 0
3 years ago
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