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liubo4ka [24]
3 years ago
5

Bella Vista Company enters into a contract to build custom equipment for ABC Carpet Company. The contract specified a delivery d

ate of March 1. The equipment was not delivered until March 31. The contract required full payment of $75,000 30 days after delivery. The revenue for this contract should be:
Business
1 answer:
geniusboy [140]3 years ago
6 0

Answer:

recognized on March 31 after the delivery of the equipment

Explanation:

Revenue is recognized once the recognition criteria is met. These criteria includes;

  • the cost of the item sold can be measured reliably
  • the items has been delivered or the service has been rendered

Given that the contract specified a delivery date of March 1.

The equipment was not delivered until March 31 and as such, the revenue for the contract should be recognized on March 31 after the delivery of the equipment.

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DedPeter [7]

Answer:

The reason to prepare the consolidation worksheet is to maintain the record of what is finally entered in the books to record the transactions in between the holding and subsidiary.

This basically thus, requires the elimination of all the assets and liabilities of the subsidiary, and creation of such assets and liabilities into the balances of the holding(parent) company. In this manner the elimination is necessary to record.

So that there is no error in the form of multiple record of assets and liabilities, or in the form of no record of assets and liabilities of the subsidiary.

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How many companies does donald trump own?
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6 0
3 years ago
Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $7 each. Indicate t
Monica [59]

Answer:

Price floor non binding

Price ceiling binding

Price ceiling binding

Explanation:

A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.

A. The minimum price is less than the equilibrium price, thus it is a non binding price floor

b. The maximum price is less than the equilibrium price, thus it is a binding price floor

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5 0
3 years ago
Fernando Designs is considering a project that has the following cash flows and WACC data. What is the project's discounted payb
bezimeni [28]

Answer:

Discounted Payback period 3 years

Modified Internal rate of return 4.833%

Explanation:

Fernando Designs has following cash flows ,

year 1 : -$900

Year 2 : $500

Year 3 : $500

Year 4 : $500

Using 10% discount factor the cashflows will be,

discounted values

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Year 2 : 454.54

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Payback period is -900 + 454.54 +445.45 = 3 years.

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8 0
3 years ago
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