1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
xeze [42]
3 years ago
12

A flower shop makes a large sale for $1,500 on June 30th. The customer is sent an invoice on July 5th, and a check is received o

n July 10th. The flower shop follows GAAP and applies the revenue recognition principle. When should the $1,500 of revenue be recognized?
Business
1 answer:
Likurg_2 [28]3 years ago
6 0

Answer:

June 30

Explanation:

According to the revenue recognition principle, the transaction should be recorded in the books of accounts when the sale is made. It records that revenue which is earned and the possibility of the receipt of cash should be high.

It records that when the product and services are sold to the customer and in return customer received it. Whether the payment received later but the sale is made.

So, on June 30, the revenue should be recognized.

You might be interested in
Which of these statements describe a situation in which people have to make a copay?
Alik [6]
<span>A copayment is a fixed amount paid by a patient to the insurance company prior to a doctors’ visit. Insurance company ask the insured for copay to share health care cost, which is often a small portion of the actual cost of the medical service received. This is meant to prevent a person from seeking unnecessary medical care.</span>
6 0
3 years ago
9. The least risky method by which firms conduct international business is: a franchising b. acquisitions of existing operations
TEA [102]

Answer:

c. international trade

Explanation:

Options A and E are wrong because franchising and licensing businesses need to pay a special commission or extra expense to do the business. In that case, if the first company faces any disreputed problem due to the food, it is challenging for other franchisees to operate. Licensing business needs a massive cost at the start of the market.

Options B and D are wrong because acquisitions of existing operations or establishing a new subsidiary require high investment.

<em>Option C</em> is correct because international trade can take place at any time. There is a little cost when the trading period starts. Otherwise, there are not many costs. So, it is a less risky method.

4 0
3 years ago
Barbara has $150 to open a checking account. Her employer will send her paycheck via direct deposit, but otherwise she wants to
Sunny_sXe [5.5K]
Dont know the answer, but i can tell you that combo is wrong. 
7 0
3 years ago
Read 2 more answers
To obtain a change of the zoning for a particular property, for example, from residential to commercial, a property owner would
FrozenT [24]

Answer: Zoning Map Amendment?

Explanation:

Zoning Map Amendment is an official document showing that there is a change in the way the land or property is divided into zones within a district and also the way it is being used either for industrial, residential or business purpose.

It is also known as Rezoning, this process can only begin if requested by town council, town manager or the owner of the property, this is done through application which has to be submitted 30days ahead to the committee meeting.

7 0
4 years ago
Reporting the financial condition of a business at a point in time and reporting the changes in the financial condition of a bus
Alex787 [66]

Answer: Financial Accounting/Financial Statement

Explanation: Financial accounting/statement is the record keeping procedure of an organisations activity. It includes the record keeping of an organisations daily, monthly and yearly activity and the production of a report to show how the organisations activity have been kept.

This has to do with how profitable an organisation is in a month, a year and over a specified period of time.

The main objectives of a financial accounting/ statement is to report the financial condition of a business at a point in time and to report the changes in the financial condition of a business is over a period of time.

This will help the organisation in their decision making process.

7 0
3 years ago
Read 2 more answers
Other questions:
  • York’s outstanding stock consists of 85,000 shares of 6.0% preferred stock with a $5 par value and also 150,000 shares of common
    7·1 answer
  • What is online bill payment?
    10·2 answers
  • In​ economics, the best definition of technology is: A. the speed of communication. B. the development of new products. C. the p
    14·1 answer
  • Prior to recording adjusting entries, the Office Supplies account had a $363 debit balance. A physical count of the supplies sho
    10·1 answer
  • Explain how public disclosure is used as a tool to prevent market failures.
    7·1 answer
  • Find the flaws in reasoning in the following statements, paying particular attention to the distinction between shifts of and mo
    15·1 answer
  • If annual demand is 50,000 units, the ordering cost is $25 per order, and the holding cost is $5 per unit per year, which of the
    8·1 answer
  • Fort Bend ISD Middle School girls’ soccer team won 14 games and lost 5 games. Represent the ratio of wins to losses.
    6·1 answer
  • AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and
    8·1 answer
  • The gold standard emerged at the center of the international monetary system in the ___________ until the first world war
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!