Answer:
May 1, 2020 - No Entry
Explanation:
IFRS 15 requires an entity to recognise revenue <em>when</em> entity transfers the goods or services to the customer.
Transfer of the mower happens on May 31, 2020, this is the date at which Revenue is recognised.
The cash is also paid on May 15, 2020, according the <em>accruals concept</em>, no entry must be done on May 1,2020. Only when the payment occurs should there be a record in Vaughn books.
It's a fault in the controlling function of management.
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Answer:
Break-even point in units = 11 units
Explanation:
Given:
Rent per month = $150
Fixed charges per = $15
Variable cost = $5
Sale value = $20
Break-even point in units = ?
Computation of Contribution:
Contribution = Sale value - Variable cost
Contribution = $20 - $5
Contribution = $15
Computation of break-even point in units:
Break-even point in units = Fixed cost / Contribution
Break-even point in units = ($150 + $15) / $15
Break-even point in units = ($165) / $15
Break-even point in units = 11 units
In many large U.S. cities, taxicabs operate as near monopolies because of licenses.
A monopoly is a scenario in which there's a single vendor inside the marketplace. In conventional financial analysis, the monopoly case is taken because of the polar opposite of ideal opposition. by way of definition, the call for the curve facing the monopolist is the industry call for the curve which is downward sloping.
A franchised monopoly refers to an enterprise, or man or woman, that is sheltered from opposition by way of distinctive features of a distinct license or patent granted by means of the authorities because the government believes it to be a useful component of the financial system.
A monopoly is a firm that is the sole supplier of its product, and wherein there aren't any near substitutes. An unregulated monopoly has marketplace strength and might affect costs. Examples: Microsoft and windows, DeBeers and diamonds, your nearby natural gas employer.
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The answer is Net Assets. The total assets minus the total liabilities or debts are defined as Net Assets. Net Assets could be defined in different ways. For example, in a corporation the net assets are reported as the stockholders equity. Some even refer the net assets as wealth.