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11111nata11111 [884]
3 years ago
9

The following transactions occurred during July:1. Received $1,200 cash for services performed during July.2. Received $6,400 ca

sh from the issuance of common stock to owners.3. Received $600 from a customer as payment for services performed during June.4. Billed $4,100 to customers for services performed on account in July.5. Borrowed $2,900 from the bank and signed a promissory note.6. Received $1,600 from a customer for services to be performed during August.What is the amount of revenue that will be reported on the income statement for the month ended July 31?This question was already posted but the response was answered in a manner in which could not be read and half the response was cut off. Please post within the limits of the space we are given so the work can be read.
Business
1 answer:
nikklg [1K]3 years ago
7 0

Answer:

The amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

Explanation:

The applicable accounting concept here is accrual concept.

Accrual concept states that revenue is recognized when it is earned and expenses are also recognized when they are incured no matter when cash is received or paid.

Based on the accrual concept, only transactions 1 and 4 will be used in calculating the amount of revenue for July as follows:

July revenue = Cash received for services performed during July + Billing of customers for services performed on account in July = $1,200 + $4,100 = $5,300

Therefore, the amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

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What do you think of the decision made by Adelaide Ladywell?
Neporo4naja [7]

Answer:

Incomplete question. Here's likely the complete question;

In this, the first case, Lee High, the newly hired cost accountant, computes the variable cost and the fixed cost per unit at a volume of 500 units of Great Heath per week. He uses this information to develop some guidelines for pricing. His boss, Charlton Blackheath, endorses the guidelines and adds a feature: a higher commission on sales at a higher price.

When both High and Blackheath are away, the file clerk, Adelaide Ladywell, accepts an order below the guidelines and is fired...Evaluate the decision made by Adelaide.

<u>Explanation:</u>

Although Adelaide Ladywell acted presumptuously (without permission), her decision was still profitable. By looking at the costs per unit presented, the product's selling price wasn't lower than the fixed costs, therefore her actions were not a totally bad one.

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3 years ago
A service auditor's report on a service center should include a(n) :A. Detailed description of the service center's internal con
SashulF [63]

Answer:

The answer is letter A.

Explanation:

Detailed description of the service center's internal control.

4 0
2 years ago
Philip is a new manager of a 15 person manufacturing operation. His predecessor has handed him a complete annual plan (with budg
romanna [79]

Answer:

Phillip is stunned because he has not been attending to the management function of "controlling".

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The four management functions are; planning, organizing, leading and controlling.

Controlling involves monitoring the processes and activities involved as an organization works, according to laid down plans, towards achieving set goals and objectives.

<em>Phillip is stunned because he has not been monitoring comparing the progress made so far with the strategic plan (i.e. he has not been controlling the strategy implementation activity).</em>

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3 years ago
Which of the following will probably earn a higher level income?
aleksley [76]

In my opinion D. a female accountant with a masters degree in business administration, will earn a higher level of income. <em>Explanation- if she has a masters then they may accept her in jobs other people are not able to get without a masters, they may also pay her higher because of it.</em>


<h3>Hope this will help- for more help follow me, or contact me</h3>
7 0
3 years ago
Read 2 more answers
Questions are in the picture. Thanks!
Bogdan [553]

Answer:

i dont know i need points

7 0
2 years ago
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