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mixer [17]
3 years ago
8

In the Month of March, Digby received orders of 123 units at a price of $15.00 for their product Deal. Digby uses the accrual me

thod of accounting and offers 30 day credit terms. Digby delivers 123 units in April. They received payment for 62 units in March, and 62 units in April. In the March income statement, how much revenue is recognized on the March income statement from this order
Business
1 answer:
ValentinkaMS [17]3 years ago
7 0

Answer:

The amount of revenue is recognized on the March income statement from this order is $1,845.00.

Explanation:

Accrual accounting can be described as a method of accounting in which revenue or expenses are recorded at the time of the transaction rather than when payment is received or made.

Since this transaction occurred in March, the total revenue of orders of 123 units received in the month of March will be recognized on the March income statement from this order. That is:

Amount of revenue to recognized in March = 123 * $15.00 = $1,845.00

Therefore, the amount of revenue is recognized on the March income statement from this order is $1,845.00.

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Better Publications sold annual subscriptions to their magazine for $42,000 in December, 2016. The magazine is published monthly
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Explanation:

The adjusting entry is as follows

On January 31

Unearned revenue A/c Dr $3,500

     To Magazine subscription  revenue A/c $3,500

(Being the unearned revenue is recorded)

The computation is shown below:

= Sale value of annual subscriptions ÷ total number of months in a year

= $42,000 ÷ 12 months

= $3,500

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3 years ago
Novak Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end
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Answer:

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Explanation:

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3 years ago
What are THREE purposes of monetary policy? A to eliminate competition B. to promote price stability c. to eliminate unemploymen
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Answer:

c. to eliminate unemployment,B. to promote price stability and F. to control federal spending

Explanation:

8 0
3 years ago
g The company plans a 4-for-1 stock split. How many shares will you own and what will the share price be after the stock split?
Nata [24]

Answer: 14,400; $17

Explanation:

Stock splits are a strategy by firms to increase the liquidity of their shares especially when they are trading at a high price. The firm divides the stock by a certain number thus increasing the number of shares by the multiple of the number. This action will divide the price of the stock and thus allow for more trade as they are cheaper.

A 4-for- stock split means that each share will become 4.

Your total number of share will become;

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= 14,400 shares

The new price will be;

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= $17 per share

7 0
2 years ago
Cargo Industries began the month with a $10,000 debit balance in the Cash account. During the month, the total of the debit entr
alukav5142 [94]

Answer:

B$10,800 debit balance.

Explanation:

In the given question, first we have to compute the difference of cash account which equals to

= Total debit entries - Total credit entries

= $4,800 - $4,000

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Now add this amount to the beginning balance which equals to

= Beginning amount of cash balance + Difference amount

= $10,000 + $800

= $10,800 debit

7 0
3 years ago
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