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2 years ago

According to generally accepted accounting principles (GAAP), revenue is recognized as income when:

Business

1 answer:

bogdanovich [222]2 years ago

4 0

Answer:

the transaction is complete and the goods or services are delivered.

Explanation:

According to generally accepted accounting principles (GAAP), the revenue should be recognized when the goods or services are delivered and the transaction is completed in all respects.

The revenue recognition principle applies when the revenue is realized or earned whether cash is received or not plus it also follows the accrual basis of accounting. Here, realizable means that customer received the product but the payment is made at the later date

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QS 5-3 Merchandise accounts and computations LO C2 Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning invent

irakobra [83]

Answer:

a. $8,900

b. $7,200

c. $2,300

d. $850

Explanation:

Goods Available For Sale Calculation :

Beginning inventory 5,000

Add Net Purchases 3,900

Goods Available For Sale 8,900

Cost of Goods Sold Calculation :

Goods Available For Sale 8,900

Less Ending Inventory (1,700)

Cost of Goods Sold 7,200

Gross Profit Calculation :

Net Sales 9,500

Less Cost of Goods Sold (7,200)

Gross Profit 2,300

Net Income Calculation :

Gross Profit 2,300

Less Expenses (1,450)

Net Income 850

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2 years ago

A car plant used to produce 10 cars a day. With new technology, the same plant now produces 20 cars a day. The plant has increas

algol [13]

The plant as increased its production:
As it can make more than before, this means also that the plant is more efficient.
Hope this helps

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3 years ago

Read 2 more answers

The contact lens company, Here's Clear Eye, sold thousands of pairs of contact lenses in Kenya. The lenses were defective and re

krok68 [10]

Answer:

B. The South Carolina cases will be dismissed on the grounds of forum non conveniens

Explanation:

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3 years ago

Money is a "medium of exchange," meaning

inna [77]

Answer:

C is the correct answer to this question.

7 0

3 years ago

A manager's operation had sales this period of $89,775. last period sales were $85,500. what was the manager's percentage sales

alexandr402 [8]

A manager's operation had sales this period of $89,775. last period sales were $85,500. So the manager's percentage sales increase for this period when compared to last period was 5% .

The percentage increase is the measure of the percentage change. The percentage increase is defined as the ratio of increased value to the original value and then multiplied by 100. Here the increased value can be calculated by taking the difference between the final value and the initial value. The formula to calculate increase is given by -

Percentage Increase = [(Final value – Original value) × 100] / Original value %

In this case, original value is $85500 and the final value is $89775, then the percentage increase is:

Percentage Increase = [(89775-85500) ×100]/85500

= 427500/85500

= 5%

So, the percentage increase will be 5% .

To learn more about percentage increase here

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1 year ago