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Reika [66]
3 years ago
8

Orange County Shop follows the revenue recognition principle. Orange County services a bicycle on July 31. The customer picks up

the bike on August 1 and mails the payment to Orange County on August 5. Orange County receives the check in the mail on August 6. When should Orange County show that the revenue was recognized?
Business
1 answer:
sp2606 [1]3 years ago
4 0

The correct answer is A) July 31st.

Orange County shows that the revenue was recognized on July 31st.

The other options of the question were B) August 1. C) August 5. D) August 6.

To be successful, a business needs good control and operation systems. Accounting is of the utmost importance when controlling the finances of a company. You have to keep your records straight. Your accountant needs to clearly understand when to record revenue in your book. So the accountant has to understand the general principles of accounting. According to the revenue recognition principle, revenue has to be recognized when they are realized, so you keep it in the book.

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On March 1, a business paid $3,840 for a twelve-month liability insurance policy. On April 1, the business entered into a two-ye
Helen [10]

Answer:

a. Insurance expense for the month of march

= ($3,840 / 12 months) * 1 month

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b. Balance in prepaid insurance as of March 31

= ($3,840 / 12 months) *11 months remaining

= $3,520

c. Equipment rent expense for the month of April

= ($23,160 / 24 months) * 1 month

= $965

d. Balance in prepaid equipment rental as of April 30

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Answer:

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8 0
2 years ago
Fey Corporation manufactures two models of office chairs, a standard and a deluxe model. The following activity and cost informa
alekssr [168]

Answer:

a) Standard WIP      75,000 debit

            factory overhead       75,000 credit

b) applied to deluxe model 28 setups x $   400 = $ 11,200

c) total overhead to deluxe: 35,200

Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

expected overhead:       120,000

total labor hours: 375 + 22 = 600

overhead rate: 120,000 / 600 = 200

applied to Standard model: 375 hours x $ 200 = 75,000

overhead cost for setups: $ 20,000

total setups (cost driver) 22  + 28

activity rate: $ 20,000 / 50 setups = $    400

applied to deluxe model 28 setups x $   400 = $ 11,200

overhead cost for component: $40,000

total components: 8 + 12 = 20

activity rate: 40,000 / 20= 2,000

applied to deluxe model: 12 x 2,000 = 24,000

<u>Overhead cost into deluxe model under ABC:</u>

setup overhead applied to deluxe model 28 setups x $   400 = $ 11,200

component overhead applied to deluxe model: 12 x 2,000 = 24,000

Total: 35,200

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Choose all that apply. Select all of the reasons an individual would save his money in a CD. High interest rates the amount depo
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Answer:

below

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