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Korolek [52]
3 years ago
7

In the Month of March, Chester Corporation received orders of 137 units at a price of $15.00 for their product Cell. Chester use

s the accrual method of accounting and offers 30 day credit terms. Chester delivers 92 units in March and the balance of 46 units in April. They received payment for 46 units in March, 46 units in April, and 46 units in May. How much revenue is recognized on the March income statement from this order
Business
1 answer:
scoray [572]3 years ago
6 0

Answer:

earned revenue for March 1,380 dollars

Explanation:

For March, the revenue recognize will be for the 92 units delivered. As the remainder are unrealized. The cleint can cancel the orderor the company could not delvier the units. Be must remember the accounting follow principles of conservatisims for revenue recognition.

the amount will be 92 units x 15 dollars each = 1,380 dollars

The payment dates are irrelevant for accrual basis.

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Veronica works in the purchasing department for Medical Center Hospital. She buys gloves, masks, and protective gear from Johnso
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<u>C.</u> Satisficer

<h3><u>What is a satisficer?</u></h3>

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4 0
2 years ago
Describe the two primary functions of financial accounting
andreev551 [17]

Answer: Measurement and presentation of financial performance

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6 0
4 years ago
Maddie enters into a secured consumer debt transaction with Friendly Bank. When Maddie pays the loan in full, Friendly Bank is r
lubasha [3.4K]

Answer:

true

Explanation:

Before Friendly Bank handed out the loan to Maddie, it had to perfect an interest on the collateral or security of the loan, and it did it by filing a Form UCC-1.

After the loan is repaid, the bank's interest on the security ceases to exist and it must file a UCC termination statement notifying that the collateral is "free and clear".

3 0
3 years ago
Suppose the exchange rate between u.s. dollars and swiss francs is sf 1.41 = $1.00, and the exchange rate between the u.s. dolla
Alexxandr [17]
We are asked to solve for the cross rate of swiss francs  to euros and we are given with the following values:
swiss francs to dollar  ---->    1.41 = $1.00
Euro to dollar ------> 0.64 = $1.00

Solving for swiss francs to euro is shown below:
swiss francs / euro = 1.41 / 0.64
swiss francs = 2.2 euro
1 swiss francs = 2.2 euro
3 0
3 years ago
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