<u>The change in the owner's equity</u> is often documented in a separate revenue account when cash is received from sales.
<h3><u>What Is Revenue?</u></h3>
Revenue, which is determined by multiplying the average sales price by the number of units sold, is the money made from routine business operations. It is the top-line (or gross income) figure from which costs are deducted to calculate net income. On the income statement, revenue is referred to as sales.
Revenue is the money that a business generates via its operations. Depending on the accounting method used, there are various methods for calculating revenue. Sales made on credit will be included in revenue for products or services delivered to the client in accrual accounting. Revenue may be recognized in accordance with certain regulations even though payment has not yet been made.
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Answer:
1. Dr Cash 665
Cr Advance from customer 665
2. Dr Cash 685
Cr Other income 685
3. Dr cash 18675
Cr Account receivable 18675
4. Dr Account receivable 9600
Cr Sales revenue 9600
5. Dr Cash 8000
Cr Account receivable 8000
6.Dr Utility expense 395
Utility expense payable 395
7. Dr Supplies 1255
Cr Accounts payable 1255
8. Dr Accounts payable 2600
Cr Cash 2600
9.Dr Salaries and wages expense 12200
Cr Cash 12200
Explanation:
This business risk is known as the operational risk. The operational risk is a possibility of loss resulting from a failed operational procedures, systems, and policies. Adequate procedures, systems, and policies must have been made to control and monitor the flow of a company's business operation<span>.</span>
6000 to 14000 dollars is the amount that te should both expect to be the transaction cost of selling their home.
<h3>What is the cost of selling a home?</h3>
Several costs usually arises due to the fact that a person wants to sell the home that they own.
One of the costs is the commission fees that these sellers usually pay. The commission fees is usually 5 to 6 percent of the cost of sale.
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Answer:
$175,000
Explanation:
Calculation to determine West should report on its income statement for the year ended December 31, 20X5, a gain on condemnation of property of
Using this formula
Gain on condemnation=Compensation for the forced sale-Book value
Let plug in the formula
Gain on condemnation=$450,000-$275,000
Gain on condemnation=$175,000
Therefore what should report on its income statement for the year ended December 31, 20X5, a gain on condemnation of property of $175,000
