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dybincka [34]
3 years ago
10

During December, Mainzel Interior Design Corporation redecorated the reception areas of a local hotel. The project was completed

on December 31 with payment due in 30 days. Payment was received on January 21 of the following year. When should Mainzel recognize the related revenue using accrual accounting?
Business
1 answer:
AysviL [449]3 years ago
5 0

Answer:

On December 31, related revenue should be recognized

Explanation:

According to the accrual basis of accounting, the recording of the transactions is done when expenses are incurred, and services are rendered to the customers in return the revenues are earned.

It matches the revenues and expenses to a particular year based on weekly, monthly or yearly

In the given case, the projected was completed on December 31 but the payment was received on January 21. So, the revenue should be recognized when the project was completed i.e December 31.

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When Joe didn't have health insurance, he acted very cautiously, because he knew he would have to pay for any medical bills he i
pishuonlain [190]

Answer:

The correct option is B

Explanation:

As Joe has health insurance, now he is engaged in the activities which are more risky because he knows that if he gets hurt then the health insurance will cover it. So, this economic problem in the story will be referred to as the moral hazard because it is a hazard when one party can take the risks knowing that the other party will bear the outcome.

7 0
4 years ago
IZ Corporation purchased land for $400,000. Later in the year, the company sold a different piece of land with a book value of $
nadezda [96]

Answer and Explanation:

1. Gain on sale of land

It is come from

= Sale value - book value

= $240,000 - $200,000

= $40,000

Since there is a gain of $40,000 which is to be deducted from a net income under the cash flow from operations

2. Cash received from sale of land

The cash is received from sale of land reflects that the cash is come i.e inflow of cash and the same is to be reflected under the cash flow from investing activities in a positive amount i.e $240,000

3. Cash paid for purchase of land

The cash is paid for purchase of land reflects that the cash is gone i.e outflow of cash and the same is to be reflected under the cash flow from investing activities in a negative amount i.e -$400,000

6 0
4 years ago
Leila and bradford enter into a contract in which bradford will pay leila to mow his lawn and leila will mow the lawn weekly. le
evablogger [386]
Leila's action is an example of delegation. Delegation is being defined as a responsibility by which it is being assigned to another person by means of having to carry out a specific duty. This is considered to be a core concept in regards to the management leadership.
6 0
3 years ago
Most economists prefer corrective taxes to regulation as a way to correct the problem of pollution because ____.
koban [17]

Answer:

d. All of the above are correct

Explanation:

the command and control are expensive and do not work in many cases but the tax based result in greater reduction and less costly to a society where the government also earns revenue.

4 0
3 years ago
RESPA was developed to help buyers understand settlement processes and costs. Select one: a. True b. False
Anna71 [15]

This is true that RESPA was developed to help buyers understand settlement processes and costs.

<h3>What is RESPA?</h3>

In order to give homebuyers and sellers accurate settlement cost disclosures, the U.S. Congress passed the Real Estate Settlement Procedures Act (RESPA) in 1975. RESPA was also developed in order to limit the usage of company accounts, forbid kickbacks, and remove abusive tactics in the real estate settlement process. The Consumer Financial Protection Bureau is now in charge of enforcing the federal law known as RESPA (CFPB).

Hence, The Real Estate Settlement Procedures Act (RESPA) aims to lower mortgage interest by doing away with referral fees and kickbacks while also improving disclosures of settlement costs to customers.

To know more about RESPA refer to: brainly.com/question/13577082

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4 0
3 years ago
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