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Rudik [331]
3 years ago
14

In the Month of March, Digby Corporation received orders of 128 units at a price of $15.00 for their product Daze. Digby uses th

e accrual method of accounting and offers 30 day credit terms. Digby delivers 86 units in March and the balance of 43 units in April. They received payment for 43 units in March, 43 units in April, and 43 units in May. How much revenue is recognized on the March income statement from this order
Business
1 answer:
Montano1993 [528]3 years ago
6 0

Answer:

$1,290

Explanation:

The revenue to be recognized in march is dependent on if the revenue recognition criteria was met in march. These criteria are

  • the cost of goods delivered or service rendered can be measured reliably
  • good/services were delivered/rendered in the month

This is irrespective of whether cash was collected or not under the accrual method.

Given that Digby delivers 86 units in March at a price of $15.00, revenue to be recognized

= 86 * $15

= $1,290

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Be honest about your qualifications
6 0
3 years ago
Read 2 more answers
Midyear on July 31st, the Digby Corporation's balance sheet reported: Total Assets of $210.761 million Total Common Stock of $6.
xeze [42]

Answer:

the  Digby Corporation's total liabilities is $156.92 million

Explanation:

The computation of the total liabilities is given below:

Total Liabilities is

= Total Asset - (Total Common Stock + Retained Earnings)

= $210.761 - ($6.350 + $47.491)

= $210.761 - $6.350 - $47.491

= $156.92 million

Hence, the  Digby Corporation's total liabilities is $156.92 million

The same should be relevant

5 0
3 years ago
Suppose Argentina produces only cars and trucks. The resources that are used in the production of these two goods are not specia
Vadim26 [7]
The best and the most correct answer among the choices provided by the question is the second choice. The production of trucks and cars is best represented by the second graph. I hope my answer has come to your help. God bless and have a nice day ahead!
4 0
3 years ago
At the beginning of the year, Sheridan Company had total assets of $845,000 and total liabilities of $600,000. (Treat each item
zlopas [31]

Answer:

A. Stockholders equity at the end is $493,000.

B. Closing total assets is $865,000.

C. Closing liability is $410,000.

Explanation:

A.  Closing total assets:

= Opening assets + increase in assets

= $845,000 + $177,000

= $1,022,000

Closing liability:

= Opening liability - Decrease in liability

= $600,000 - $71,000

= $529,000

Closing equity:

= Closing assets - Closing liability

= $1,022,000 - $529,000

= $493,000

B.  Opening equity:

= Opening assets - Opening liability

= $845,000 - $600,000

= $245,000

Closing assets:

= Opening assets + increase in liability - Decrease in equity

= $845,000 + $92,000 - $72,000

= $865,000

C.  Closing liability:

= Opening liability - decrease in assets - increase in equity

= $600,000 - $90,000 - $100,000

= $410,000

6 0
3 years ago
Murphy's, Inc., has 85,000 shares of stock outstanding with a par value of $1 per share. The market value is $12 per share. The
nexus9112 [7]

Answer:

The correct answer is $177,955.

Explanation:

According to the scenario, the computation of the given data are as follows:

Capital in excess of par account = $74,500

Common stock = $85,000

Retained earning = $141,500

So, we can calculate the balance in the capital in excess of par account be after the dividend by using following formula:

Capital after Dividend = Balance sheet amount of Capital + ( Issued additional share × Capital in excess of par per share )

Where,

Issued additional share = 11% × $85,500 = 9,405

And Capital in excess of par per share = $12 - $1 = $11

By putting the value, we get

Capital after dividend = $74,500 + ( 9,405 × $11)

= $74,500 + $103,455

= $177,955

8 0
3 years ago
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