Answer:
B. July 31
Explanation:
Revenue recognition principle assumes that revenues are recognized when they are realized or relizable and are earned, in respective of when payments are received.
It states that one should only record revenue when it has been earned, not when the related work payments is collected. Also, money paid in advance for a work should be recorded as a liability not revenue.
Since Live Wire services uses revenue recognition principles, then the day they'd record it as revenue is thesame day the job was done and completed which was July 31st.
Answer:
Explained below:
Explanation:
If I am looking for a job then I will go through :
1. Company Websites: There are many websites of the different companies are available in search engines in which all the details of a particular company are present regarding the job type, qualification requirement, working hours, etc.
2. Cold Calling: A job seeker can also search for a job by simply calling to the company representative in order to get the information regarding job availability, job type, qualification requirement, working hour, etc.
I will choose these methods because these are very easy, less costly, effective as here very little chance of fraudulent, etc.
Answer: Marginal Cost curve will shift downward
Explanation:
In a situation whereby technological advance brings about a reduction in the amount of variable resources that are needed for the production of any level of output, then there will be a downward shift of the marginal cost curve.
Answer:
$6000
Explanation:
Because you have to debit the Back Debts account. and 1% of 600,000 is 6000.
600,000 is the amount of sales.
Answer:
The journal entry to record the lease would be:
Debit Credit
Asset $3,000,000
Lease Payable $3,000,000
Debit Credit
Lease Payable $195,774
Cash $195,774
Explanation:
To prepare the journal entry to record the lease we would have to calculate the present value of lease payments as follows:
present value of lease payments=$195,774*15.32380=$3,000.000
Therefore, the journal entry to record the lease would be:
Debit Credit
Asset $3,000,000
Lease Payable $3,000,000
Debit Credit
Lease Payable $195,774
Cash $195,774
