The condition for which revenues are recognized even when the cash is collected in a different accounting period is;
- Services are provided even if cash has not yet been collected, in cases of accrual basis accounting
<h3>Revenue recognition</h3>
Two major forms of revenue recognition exist;
- When Cash is collected from customers. This is the case when the organisation uses cash basis accounting
- When services are provided even if cash has not yet been collected. This is the case when the organisation used accrual basis accounting
Read more on revenue recognition;
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Historically, for domestic investors, a high inflation rate<span> has been considered anything over the 3% to 4% annual range with the 3% to 4% figure considered benign. This rate, which would be a godsend for most of the world, is caused by numerous things, some of which have to do with certain monetary and structural advantages in the U.S. economy that may not last indefinitely. That said, for the past decade, the country has experienced a historically low interest rate environment due to unprecedented intervention in the monetary system by the Federal Reserve and lawmakers as part of the efforts to stave off collapse of the global economic system back between 2007 and 2009 when the real estate bubble peaked and imploded, dragging down all sorts of </span>asset classes<span> with it, including the stock market.</span>
Answer:
end of January balance in the accounts receivable account should be $65900
Explanation:
given data
accounts receivable = $70,000
customers on account = $18,400
account totaling = $14,300
services to be provided = $6,800
to find out
balance in the accounts receivable account
solution
balance in the accounts receivable account will be find as
Balance of Accounts Receivable = Beginning balance + Revenue from earned services - Collections during the period ........................1
put here value
Balance of Accounts Receivable = 70000 + 14300 - 18400
Balance of Accounts Receivable = $65900
so
end of January balance in the accounts receivable account should be $65900
The correct answer is C) 2nd Circuit or the Federal Circuit.
Princess, who resides in the 2nd Circuit, recently found a circuit court case that is favorable to her income tax research question. The circuits that she would prefer to have issued the opinion are the 2nd Circuit or the Federal Circuit.
Princess has to go to the 2nd Circuit Court of Appeals that is located in Manhattan, New York, at the Thurgood Marshall US Courthouse. It exercises federal jurisdiction in six districts of the states of Vermont, New York, and Connecticut. The 2nd Circuit Court of Appeals was established by Congress in 1891.
Answer: See explanation
Explanation:
a. What are the amount and nature of Dennis’s loss upon closing the short sale?
Sales consideration = $100 × $152 = $15200
Less: Closing Value of Short sales = 100 × $190 = $19000
Short term capital loss = $3800
b. When does the holding period for the remaining 100 shares begin?
The holding period for the remaining 100 shares begin on May 2, 2020, which was when the short sale was closed.
c. If Dennis sells (at $27 per share) the remaining 100 shares on January 20, 2017, what will be the nature of his gain or loss?
Sales consideration = 100 × $27 = $2700
Less: Base value = $19000
Short term capital loss = $16300
