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Lisa [10]
3 years ago
5

Kelly Corp. barters with Ace Corporation for goods that are similar in nature and value. The value of the goods was $1,000. The

cost of the goods was $400. If Kelly uses IFRS to prepare financial statements, what amount should Kelly recognize as income?
a. $1,000.
b. $0.
c. $400.
d. $600.
Business
1 answer:
mixas84 [53]3 years ago
4 0

Answer:

Option 1 is correct because Income is the amount that we receive from our customers when we sell them our product. In this case, the amount should be received was $1000, which the Kelly can use to buy the product she has exchanged its product with the item.

The entry will be contra entry:

Dr    Purchases   $1000

CR                Income   $1000

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Answer:

$3,842.78

Explanation:

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5 0
3 years ago
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Answer:

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They judge the quality of a supermarket depending on their values and most urgent needs.

Customers who value quality, and even luxury, will say that a good supermarket is one that offers high quality products.

Customers who value price, will prefer a low-cost supermarket.

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6 0
2 years ago
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Answer:

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Answer:

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