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Murrr4er [49]
2 years ago
12

The Canon Corporation sells ten copiers to the Title Company on October 15 for $40,000. Canon delivers the copiers to Title on O

ctober 20 and Title pays $16,000, agreeing to pay the balance on November 10. Under the accrual basis, how much revenue should Canon recognize in November? Multiple Choice so $16,000 $24,000 $40,000
Business
1 answer:
elena-14-01-66 [18.8K]2 years ago
3 0

Answer:

$0

Explanation:

In this method, the transaction reporting will be performed on an accrual basis which means whether or not the payment is paid but it is reported in the account books.

Once the expenditure is incurred or the revenues is earned the same is to be recorded in the books of accounts whether cash paid or not and in case of revenues whether cash received or not

In the given case, the Canon corporation sells on October 15 so it would be recorded on October itself .

Therefore, no revenue would be recognized on the month of November

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Answer:

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Exchange rate is defined as the amount of a currency that is exchanged for another countrie's currency at a given time.

When the dollar appreciates it is stronger than other currencies. It takes fewer dollars to purchase US goods than foreign currencies.

So more of foreign currencies will be used to buy the US product (expensive). This will discourage exports.

This will also make foreign goods cheaper.

As foreign goods are cheaper the US will have more imports.

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