1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dimulka [17.4K]
3 years ago
12

Colbert operates a catering service on the accrual method. In November of year 1, Colbert received a payment of $9,000 for 18 mo

nths of catering services to be rendered from December 1st of year 1 through May 31st of year 3. When must Colbert recognize the income if his accounting methods are selected to minimize income recognition?
a. $500 is recognized in year 1, $6,000 in year 2, and $2,500 in year 3.
b. $500 is recognized in year 1 and $8,500 in year 2.
c. $9,000 is recognized in year 3.
d. $2,500 is recognized in year 1 and $6,500 in year 2.
e. $9,000 is recognized in year 1.
Business
1 answer:
german3 years ago
8 0

Answer:

b) $500 is recognized in year 1 and $8,500 in year 2.

Explanation:

Calculation to determine When must Colbert recognize the income if his accounting methods are selected to minimize income recognition?

Calculation for amount recognized in year 1

Payment in year 1= $9,000 ÷ 18 months

Payment in year 1= $500

Therefore Based on the above calculation the amount recognized in year 1 will be $500

Calculation for the amount recognized in year 2

Payment in year 2 = $9,000 - $500

Payment in year 2= $8,500

Therefore The amount recognized in year 2 will be $8,500

You might be interested in
This barrier of trade is when trading partners do NO trade with another country:
sukhopar [10]

Answer:

C. Embargo

Explanation:

Trade Barriers are the conditions or restrictions that are imposed on the business transactions that controls the business to be sold out to the hands of foreign markets. These barriers add obstacles so that the businesses are restricted through various means. When a complete ban is imposed on the import or export of any goods to the foreign markets, the situation is termed as embargo. This type of ban is imposed for the defense purposes.

4 0
2 years ago
When evaluating a Website, which of the following statements might indicate the site is based on the author’s opinion instead of
lidiya [134]
It is from my experience since if it is from his experience then the author could tell us something like it is a beautiful place or it is very warm. based on these statements it is opinions since he doesn't have a fact do back it up. his experience tells us what he thought so it is his opinion
5 0
3 years ago
Read 2 more answers
Cyclical unemployment is closely associated with Select one: a. long-term economic growth. b. short-run ups and downs of the eco
kiruha [24]

Answer:

b. short-run ups and downs of the economy.

Explanation:

Cyclical unemployment is a form of employment that occurs as a result of fluctuations in the economy.

When there's a downturn in the economy, unemployment increases and It falls when there's a boom.

I hope my answer helps you

7 0
3 years ago
Read 2 more answers
1.5 marks
ratelena [41]

Answer:

C) 15 months

Explanation:

As per the law, a company with two or more shareholders must hold an Annual AGM every year.  The AGM for a new company must be held within the first nines months after the financial year.

The AGM for an existing company must be held not later than six months after the end of a financial year. However, the law has set 15 months as the maximum gap of time allowed between two general meetings.

3 0
2 years ago
Which of the following changes in the loanable funds market will decrease the equilibrium real interest rate?
LuckyWell [14K]

Answer:

The answer is Option C

Explanation:

Any event that would either decrease the demand for loanable funds or increase the supply of loanable funds will decrease the equilibrium interest rates. Supply of loanable funds is affect by the amount of national savings. National savings in turn, is the sum of private savings, public saving and net capital inflow.

In option C, capital inflows are increasing. This means that there would be an excess supply of money in the economy which can be converted into loanable funds. This would, therefore, push the supply curve to the right thereby reducing the real interest rate equilibrium.

7 0
3 years ago
Other questions:
  • Is the coffee market growing or shrinking and why
    6·1 answer
  • Identify the component present in a smart card that can process instructions and store data for use in various applications Sele
    13·1 answer
  • Beginning with __________, a body of law has grown that requires organizations to provide employees with nonhazardous working co
    5·1 answer
  • Condor Airplane Company has built a new model jet aircraft which it intends to sell to high net worth clients. This aircraft req
    14·1 answer
  • In choosing between the range of alternative investments typically available to U.S. households, which of the following will pla
    6·1 answer
  • First National Bank charges 11.7 percent compounded monthly on its business loans. First United Bank charges 11.9 percent compou
    8·1 answer
  • List three impulse convenience goods that you or someone you know has purchased
    14·1 answer
  • You’ve decided to buy some rental property but know very little about the law regarding landlord-tenant relations. You head to t
    7·1 answer
  • What is the management information system that manipulates information to create business intelligence in support of strategic d
    9·1 answer
  • the supply of a good will be more elastic, the a. more the good is considered a luxury. b. broader is the definition of the mark
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!