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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.

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On January 1, a company issues 8%. 5 year, $300,000 bonds that pay interest semiannually. On the issue date, the annual market r
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Answer:

Detailed solution is given below:

7 0
3 years ago
There are zero coupon bonds outstanding that have a YTM of 5.97 percent and mature in 19 years. The bonds have a par value of $1
Fed [463]

Answer:

market price = $1,104.20

Explanation:

yield to maturity of zero coupon bonds = (face value / market price)¹/ⁿ - 1

  • YTM = 5.97%
  • n = 19 x 2 = 38
  • face value = $10,000

(face value / market price)¹/ⁿ = YTM + 1

face value / market price = (YTM + 1)ⁿ

market price = face value / (YTM + 1)ⁿ

market price = $10,000 / 1.0597³⁸ = $10,000 / 9.0563 = $1,104.20

8 0
3 years ago
The ________ is an incomplete picture because a single number cannot fully reflect the sources of the underlying differences in
Sveta_85 [38]

Answer:

Income inequality ratio

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The income inequality ratio is an incomplete picture because a single number cannot fully reflect the sources of the underlying differences in income.

Income inequality refers to the uneven distribution of income among the population of a particular place. It is the difference in the allocation of income in a particular country.

Income inequality occurs across different segments of the population such as gender(male and female), ethnic group, occupation, geographical location etc.

The Gini index is widely used to compare disparities in income.

6 0
4 years ago
Black systems sold and delivered modems to white computers for $330,000 to be paid by white in three equal installments over the
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Why are they giving $110,000 more?
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3 years ago
Consumers have certain rights that do not carry corresponding responsibilities. true or false.
Over [174]
Thank you for posting you question here at brainly. I think the statement "<span>Consumers have certain rights that do not carry corresponding responsibilities." is false. Below are the right of the consumer:

</span><span> <span><span> <span> Right to Safety</span> </span> <span> <span> Responsibility of Right to Safety</span> </span> <span> <span> Right to Be Informed</span> </span> <span> <span> Responsibility of Right to Be Informed</span> </span> <span> <span> Right to Choose</span> </span> <span> <span> Responsibility of Right to Choose</span> </span> <span> <span> Right to Be Heard</span> </span> <span> <span> Responsibility of Right to Be Heard</span> </span> <span> <span> Right to Redress</span> </span> <span> <span> Responsibility of Right to Redress</span> </span> <span> <span> Right to Consumer Education</span> </span> <span> <span> Responsibility of Right to Consumer Education</span> </span> <span> <span> Right to Healthy Environment</span> </span> <span> <span> Responsibility of Right to Healthy Environment</span> </span></span></span>
3 0
3 years ago
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