1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Georgia [21]
3 years ago
6

Q 4.24: At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended

on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both ________ accounting and GAAP require that Paul’s recognize the employees’ total salary expense in
Business
2 answers:
Nookie1986 [14]3 years ago
7 0

Answer:

At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both cash basis accounting and GAAP require that Paul’s recognize the employees’ total salary expense in April.

Explanation:

A collection of accounting rules and standards usually followed, for financial reporting is known as GAAP (generally accepted accounting principles) .

For businesses, GAAP needs accrual accounting.

Accrual accounting operates on the basis of matching both revenue and expenses. Revenues and the related expenses occur concurrently, though the cash transaction concerning thereto might happen in some other period.

In the situation given in the question, the revenue from the project is earned in April, subsequently, the salary expense related to that work should also be recognized in the same period due to an accrual basis.

IceJOKER [234]3 years ago
5 0

Answer:

Accrual-basis, April

Explanation:

Accrual basis of accounting stipulates that revenue should be recognized when earned while expense should be recognized in the books when incurred.

Earning a revenue implies that the person has discharged his or her obligation under the contract  with the buyer in terms of having the delivered the goods requested for or provided the services sought for.

Incurring an expense implies that the company such Paul's painting has enjoyed the services demanded for ,such as having enjoyed the services of the temporary employees in the April,hence their salaries should be recorded as expense in April.

The same approach to recording expense to GAAP-U.S GAAP as wells as IFRS

You might be interested in
The average annual return form stock investments historically is: a) 11.3% b) 12% c) 12.5% d) 20$​
MArishka [77]

Answer: i dotn noy

Explanation:

7 0
3 years ago
Read 2 more answers
Determine the quotient:2 4/7÷1 3/6
Lostsunrise [7]

1 5/7 would be the quotient


7 0
3 years ago
Performance Bicycle Company makes steel and titanium handle bars for bicycles. It requires approximately 1 hour of labor to make
alexdok [17]

Answer:

Overhead cost allocated to steel bars = $4.6 \times 6,600 = $30,360

Explanation:

Provided information,

Two products manufactured

Steel Bars and Titanium bars

Number of hours = 1 hour each

Total units produced

Steel = 6,600

Titanium = 3,400

Total hours @ 1 hour for each = 6,600 + 3,400 = 10,000

Total Setup cost = $46,000

Cost per hour based on direct labor hours = $46,000/10,000 = $4.6

Overhead cost allocated to steel bars = $4.6 \times 6,600 = $30,360

7 0
3 years ago
[based on the results of the simulation, can policy market interventions cause a change in consumer or producer surplus? explain
WITCHER [35]

When the intervention rises the price stage of goods, then the incentive to supply extra desires increases and consequently growing manufacturers' surplus. So policy market can motivate both client and producer surplus.

A tax causes consumer surplus and producer surplus (earnings) to fall.. some of those losses are captured inside the tax, however, there may be a loss captured with the aid of no celebration—the value of the devices that could be exchanged had been there no tax. those lost gains from trade are called deadweight losses.

For each monetary transaction, there can be both producer surplus (or profit) and client surplus. The mixture–or blended–a surplus is called the economic surplus.

Learn more about policy market here: brainly.com/question/25754149

#SPJ4

6 0
2 years ago
Of the following activities which is MOST likely to be an interaction between the financial manager and the information systems
ryzh [129]

Answer:

The correct answer is the option A: Developing a system to bill customers, pay suppliers and track inventory.

Explanation:

First of all, an<em> information systems manager</em> has the job of creating, developing and monitoring information systems that could possibly help the organization in its entire structure to improve its performance and therefore that manager focuses in the importance of information as an asset and how could it supports the decision making process for the other executives.

Second of all, a <em>financial manager</em> has the responsability to care about the health of the institution regarding subjects involving money and all of the companies assets. That manager must focuses in the organization of the resources that could help the organization to achieve its goal and how to use them in a proper way.

Finally, in the situation where both of those managers interact together, the main purpose will be to develop an information system, created by the information system manager, that could help the organization to gather information regarding the payment to suppliers, the track of inventory and the bill of customers due to the fact that a system with all that information will help the financial manager to take decisions more properly in order to achieve success.

4 0
4 years ago
Other questions:
  • Shonda Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials:
    13·1 answer
  • Manufacturing overhead is applied to the product based on machine hours used in each department under the rate of $20 per machin
    11·1 answer
  • Bison Sporting Goods sells bicycles throughout the northeastern United States. The following data were taken from the most recen
    11·1 answer
  • Assume you were an employee at an organization like IKEA, and Fortune surveyed you for it's 100 Best Companies to Work For list.
    15·1 answer
  • In Country A, the price of wheat has increased greatly over the past year. Because of this change, farmers in Country A are plan
    9·2 answers
  • Lloyd and Jean are considering purchasing a home requiring a $75,000 mortgage. The payment on a 30-year mortgage for this amount
    9·1 answer
  • Zoe runs a flower shop. She recently made some changes so that one employee answers phones and completes the order and payment p
    15·1 answer
  • The groups that review research proposals for possible ethical violations are known as:
    14·1 answer
  • PLZ HELP
    5·2 answers
  • Gross domestic product (GDP) may be calculated as the sum of ______. Multiple choice question. exports and imports only consumer
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!