Answer:
<u>January 1, 2017</u>
Debit: Accounts Receivable $2800
Credit: Deferred Revenue[Wiring Base] - $1120
Credit: Deferred Revenue[Shelving Unit] - $1680
Narration: Contract Detail and invoicing of the client.
<u>February 5, 2017</u>
Debit Deferred Revenue[Wiring Base] - $1120
Credit Revenue Account - [Wiring Base] - $1120
Narration: Revenue recognition of Wiring Base delivered to customer
<u>February 25, 2017</u>
Debit Deferred Revenue[Shelving Unit]- $1680
Credit Revenue Account - [Shelving Unit] - $1680
Narration: Revenue recognition of Shelf delivered to customer
<u>February 25, 2017</u>
Debit: Bank - $2800
Credit: Accounts Receivable - $2800
Narration: Payment received in settlement of contract fully delivered
Explanation:
The question is an example of a Performance Contract.
A Performance Contract is an agreement with a customer by a vendor to discharge a service or provide goods that are distinct from each other. The accounting for this obligations will therefore be recorded and recognized separately.
It is also important to note that the services or goods must be separately identifiable and the customer must be able to derive from each goods on individually or jointly.
The rule is to
- Recognize the contract and invoice amount with the customer as Deferred Income.
- Identify the distinct obligations and services to be provided.
- Identify the transaction amount for each service or good.
- As each obligation is met, the revenue is finally recognized and transferred from Deferred income.
Answer:
I will have $183536835400 in my savings after 1515 years
Explanation:
Deposit into the savings account = 0.11×$2000020000 = $220002200
Earnings after 1515 years = 0.55×1515×$220002200 = $183316833200
Total amount in savings plan after 1515 years = $220002200 + $183316833200 = $183536835400
Answer:
$5,456
Explanation:
A relevant cost can be defined as the cost that are said to be in form of a future cash cost that is relevant and important to a particular decision.
The relevant cost:
Current market cost 880 liters × Current market $6.20 per liter
= $5,456.
Therefore the relevant cost of the 880 liters of the raw material when deciding how much to bid on the special order will be $5,456
Answer:
3 steps are:
Planning
Controlling
Closing
Explanation:
Project scope is the term which is defined as the work that require to be achieved in order to deliver the product, result or service with the particular or specified functions as well as features.
The 3 steps which a team need to follow in defining the project scope and creating a statement of project scope is as:
1. Planning - It is that procedure where an effort is made in order to capture or apprehend and define the work which needs or required to be perform or done.
2. Controlling - The processes of monitoring and controlling focus on the scope creep, approving or disapproving the project changes, tracking and documenting tracking.
3. Closing -It is the final procedure of the project scope, it involves the audit of the assessment and the deliverables of the project against the original plan.
Answer:
When you invest in the stock market your are buying a small piece of a company. Let's say you think that elon musk will evolve tesla's and tesla will be the largest car brand around the world. Then you would want to buy a piece of tesla so that you can make money as the company grows.
Why would you want to invest in the stock market?
In this modern day companies are growing more than ever and will continue to as long as companies and businesses are around, and this is how you can make money in the stock market. Back in the day stocks like netflix, amazon and apple were as low as $5 a share and this was when the companies weren't as famous. As these industries and companies started to grow, you can see the growth of the stock price over the course of time. If you bought multiple shares of these stocks back when it was only $5 for ONE share, you would have a lot of money just made in the stock market.
The stock market goes up and down due to supply and demand. Prices go up when there are more buyers than sellers and will go down if there are more sellers than buyers.
I don't know if this answers your question completely but this is just a basic explanation.
Explanation: