Answer:
1. revenues
2. revenues
3. Incurred
Explanation:
Accrual basis is one of the methods used in preparing Financial statement. It records transaction when they are incurred or when they happen irrespective of whether cash has been paid or not.
Cash basis is a another one. It recognizes transactions only when the cash has been given.
Accrual basis accounting recognizes REVENUE when the service or product is delivered and records REVENUE when INCURRED in order to adhere to the matching principle
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Answer:
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Explanation:
Answer:
B) should pack her bags for the trip; she earned it
Explanation:
In this scenario, it can be said that if the client purchases that annuity, the agent should pack her bags for the trip; she earned it. Since the annuity that has been recommended by the agent is offering her an incentive, and the agent fully disclosed that fact to the client, then she did her duty correctly. In the case that the client decides to purchase the annuity, they do so with full knowledge of the potential conflict of interest.
Answer:
$55,300
Explanation:
Calculation to determine what The net income for December would be:
NET INCOME FOR DECEMBER
Revenue $327,000
Less cost of goods sold ($228,900)
(70%*$327,000)
Gross profit $98,100
($327,000-$228,900)
Less Depreciation ($17,400)
Less Operating expenses ($25,400)
Net Income $55,300
Therefore The net income for December would be:55,300
