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velikii [3]
3 years ago
14

On january 1, salow company enters into a contract to provide custom-made equipment to byhi corporation for $100,000. the contra

ct terms allow cancellation without penalty by either party at any time prior to delivery of the goods. the contract specifies a delivery date of march 15 but the equipment was not delivered until april 10. the contract required full payment within 30 days after delivery. when should revenue be recognized for this contract? may 10 april 10 never, because it includes a termination agreement. march 15
Business
2 answers:
nirvana33 [79]3 years ago
5 0

Answer: I believe the answer is March 15th.

maria [59]3 years ago
4 0

Answer: The correct answer is April 10.

Explanation: When a sale is made the revenue is going to be recognized when the product is delivered. In this case, Accounts Receivable will be debited and Sales will be credited on April 10. When the payment is received Cash will be debited and Accounts Receivable will be credited.

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On May 31, Money Corporation's Cash account showed a balance of $13,500 before the bank reconciliation was prepared. After exami
Georgia [21]

The amount of cash that should be reported in the company's balance sheet as of May 31 is $2,975.

<h3>What is a balance sheet?</h3>
  • A balance sheet also referred to as a statement of financial position or a statement of financial condition in financial accounting, is a summary of the financial standing of a person or an organization, including a corporation, private limited company, sole proprietorship, business partnership, government agency, or not-for-profit organization.
  • As of a particular date, such as the conclusion of its financial year, assets, liabilities, and ownership equity are listed. It's common to refer to a balance sheet as a "picture of a company's financial status."
  • The balance sheet is the only one of the four fundamental financial statements that only apply at one particular period in a company's fiscal year.
<h3>Solution -</h3>

Deposits outstanding = $3,050 (+)

actual amount on check my Money corporation = $95 (+)

Service fees = $170 (-)

∴ 3050+95-170=2975

So, the amount of cash that should be reported in the company's balance sheet as of May 31 is $2,975.

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7 0
2 years ago
Store Policies that are open to interpretation by store employees
algol13

Answer:

a) Customer satisfaction

Explanation:

7 0
3 years ago
Taxpayers have a choice of deducting the standard deduction or their itemized deductions. therefore, blank______ agi deductions
KonstantinChe [14]

Itemized deductions are thought to benefit more taxpayers because they can be claimed if the total is higher than the standard deduction.

You can deduct what you paid in real estate taxes, personal property taxes, state and local income or sales taxes, mortgage interest, and disaster losses when you itemize your deductions. You can also count charitable contributions and a portion of the money you spent for health and dental care.

If you itemize your taxes, do you get a bigger refund?

The standard deduction may be exceeded by itemized deductions. The more you may deduct, the less tax you'll owe, which is why some people itemize their deductions because the sum of their itemized deductions exceeds the basic deduction. There are numerous deductions that could be made.

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8 0
2 years ago
A _________ approach actually schedules, in detail, each resource using the setup and runtime required for each order.
Molodets [167]

Answer: Finite loading approach

Explanation: In a finite loading approach, the work centers are scheduled to load up to a predetermined capacity amount. This is a type of approach that is used in manufacturing process that are heavily dependent on a single cost center.

Thus, we can conclude that the right answer for the given case is finite loading approach.

8 0
3 years ago
The supervisor of an automated teller machine (ATM) facility learns that the machine is not functioning efficiently because it u
quester [9]

Answer:

E) The supervisor should identify and define the type of update needed.

Explanation:

The 5 stages of the organizational decision buying process are:

  1. Awareness and recognition
  2. Specification and research
  3. Request for proposals
  4. Evaluation of proposals
  5. Order and review process

The supervisor already passed stage 1 since he/she realized that their was a problem and it must be solved. The supervisor is currently in stage 2 since he/she must identify what type of software update is needed. The supervisor should try to be the most specific as possible including all the technical details that he/she is aware of.

8 0
3 years ago
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