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Rudik [331]
3 years ago
10

Susan Zupan, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Zupan's law firm

prepares monthly financial statements, when should it recognize revenue from this engagement? The law firm should recognize the revenue in________
Business
1 answer:
UkoKoshka [18]3 years ago
4 0

Answer:

The month of April

Explanation:

Susan Zupan, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Zupan's law firm prepares monthly financial statements, the law firm should recognize the revenue in April because according to revenue recognition principle, revenue should be recognized in the accounting period in which services are performed, and Susan zupan performed the work in April so therefore the firm should recognize the revenue in April.

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The salesperson who is responsible for ongoing business with a customer who uses a product, satisfying their long-term needs and
yan [13]

Answer: Account manager

Explanation: The account manager is that salesman of a company who is responsible for managing sales and relationship with particular customers of the company. The account manager is assigned accounts of customers of which he has to maintain relationships with.

The main focus of account manager is to manage sales with customers and identify new business opportunities if any.

Thus, Account manager is the right answer for the given case.

5 0
2 years ago
Income Statement Sections During the current year, David Corporation sold a segment of its business at a gain of $210,000. Until
Montano1993 [528]

Answer:

Answer is given below.

Explanation:

-Income from Continuing Operation                                  700000

-Discontinued Operations  

-Loss from operations of                                        60000

discontinued segment (75000*80%)  

-Gain on disposal of discontinued                         168000           108000

segment (210000*80%)

-Net Income                                                                             808000

8 0
3 years ago
The difference between the present value of future cash inflows and the present value of future cash outflows of an investment p
Katarina [22]

Answer:

The correct answer is "Net present value"

Explanation:

The Net present value (NPV) commonly is used in projects and investments to analyze the profitability and compare it with other projects or investments to decide which is better.  

Net Present Value (NPV) = Cash flow / (1 + discount rate) ^ number of time periods.

4 0
3 years ago
The petty cash fund of $200 for Tomkins Company appeared as follows on December 31, 2014
Ilya [14]

Answer:

Explanation:

1.

Petty Cash (200-50.6)  Dr.$149.4

Cash            Cr.$149.4

Freight In   Dr. $58.4

Postage      Dr.$40

Balloons Expense      Dr.$20

Meals Expense        Dr.$25

Cash                         Cr.$143.4  

2. Petty Cash  Dr.$50

   Bank/Cash   Cr.$50

8 0
2 years ago
Suppose your neighbor enjoys seeing the grass in his yard grow wild and free, a practice with which you disagree. This is an exa
lara [203]

Answer:

negative consumption externality.

Explanation:

A negative externality arises when the production or consumption of a finished product or service has negative impact (cost) on a third party.

On the other hand, a positive externality arises when the production or consumption of a finished product or service has a significant impact or benefits to a third party that isn't directly involved in the transaction.

In this scenario, your neighbor enjoys seeing the grass in his yard grow wild and free, a practice with which you disagree because it poses a danger on the people around as snakes and other poisonous animals may breed or live there.

Hence, this is an example of a negative consumption externality because it's the potential of causing you harm or endangering your life.

6 0
3 years ago
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