Answer:In the month of May, Revenue was only earned from Customer C $3,400 and customer D, $2,300. Revenue was not earned from Customers A and B in the month of May. Therefore, total revenue is $5,700.
Explanation:In accordance with the principle of revenue recognition,Revenue will only be recognised when it is earned and services when they are fully rendered. For Customer A, the service has not been rendered, Therefore, the revenue is not yet earned.
For customer B, Although agreement has been reached and goods delivered, since payment hasn't been received, revenue is not recognised.
Answer:
profit + consumer surplus.
Explanation:
The profit obtained by the reseller is given by the difference between the amount received on sale ($75) and the purchase price ($40). The consumer surplus is determined as the difference between the willingness to pay ($90) and the actual amount paid ($75). Therefore, the difference between $90 and $40 is the profit plus the consumer surplus.
Anoveoswer:
The government deficit is $150 billion
Explanation:
Current Account (CA) = Savings(S) -Investment(I).
Current account (CA) is also conventionally defined as (X-M) (value of exports – value of imports) + Net income from abroad. (R)
CA = (X-M) + (R)
In this case CA= $1050 billion - $1100 billion
CA= -$50 billion
Therefore CA = (X-M) + (R)
- $50 billion = x + $100 billion
X-M= -$100 billion + -$50 billion= -$150 billion
Answer and Explanation:
1. Interest Revenue $23,000
Sales Revenue $510,000
To Income Summary $533000
(Being closing of revenues accounts are closed)
2. Income Summary $453,000
To Sales returns $20,000
To Sales Discounts $7,000
To Cost Of goods sold $310,000
To Freight out $2,000
To Advertise Exp $15,000
To Interest Exp $19,000
To Salaries & Wages $55,000
To Utility $18,000
To Depreciation $7,000
(Being closing of expenses accounts are closed)
3. Income Summary $80,000
To Retained Earning $80,000
(Being profit is recorded)
4. Retained Earning $30,000
To Dividends $30,000
(Being closing of dividend is recorded)
