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VMariaS [17]
3 years ago
13

In the Month of March, Digby received orders of 159 units at a price of $15.00 for their product Drat, and in April receives an

order for 40 units of their product Drat at $15.00. Digby uses the accrual method of accounting and offers 30 day credit terms. Digby delivers 0 units in March, 159 units in April and 40 units in May. They received payment for 159 units in April, and payment for 40 units in May. How much revenue is recognized on the March income statement from this order
Business
1 answer:
zhannawk [14.2K]3 years ago
7 0

Answer: 0

Explanation:

Accrual accounting method simply means when revenue or expenses are written down and recorded at the time that the transaction took place and not when payment was gotten.

The revenue that is recognized on the March income statement will be 0. This is because the delivery was in April and none took place in March.

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Select all that apply Describe data processing in accounting by selecting the correct statements below. (Check all that apply.)
lakkis [162]

Answer:

I. Batch processing accumulates source documents for a period of time and then processes them all at once.

II. Online processing enters and processes data as soon as source documents are available.

III. An advantage of online processing is timeliness.

IV. Accounting systems differ with regard to how input is entered and processed.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).

A financial statement is a written report that quantitatively describes a firm's financial health. Under the financial statements is a cash-flow statement, which is used to record the cash inflow and cash equivalents leaving a business firm.

Cash flow statement, also known as the statement of cash flows, contains financial information about operating, financial and investing activities.

Hence, activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including expenditures related to administering the business, are classified as operating activities. All the net income or cash from all operational business activities of a company is recorded as operating activities.

The correct statements that best describes data processing in accounting includes;

I. Batch processing accumulates source documents for a period of time and then processes them all at once.

II. Online processing enters and processes data as soon as source documents are available.

III. An advantage of online processing is timeliness.

IV. Accounting systems differ with regard to how input is entered and processed.

4 0
3 years ago
Target increases the price iPads by $50. What happens to the demand<br> for iPads?
Mandarinka [93]

Answer:

The demand for iPads increased.

Explanation:

If they raise the price of the iPads, this must mean more people want to buy them, so the demand for them is high.

7 0
3 years ago
QUESTION 31 Kumar Consulting operates several stock investment portfolios that are used by firms for investment of pension plan
ElenaW [278]

Answer:

The portfolio's alpha is - 0.15%

Explanation:

For computing the portfolio's alpha, first, we have to compute the expected rate of return. The formula is shown below:

Expected rate of return = Risk free rate of return + Beta × (realized rate of return - free rate of return)

= 7% + 1.15 × (12% -  7%)

= 7% + 1.15 × 5%

= 7% + 5.75%

= 12.75%

Now the portfolio alpha equal to

= Expected rate of return -  portfolio realized rate of return

=  12.75% - 12.6%

= - 0.15%

7 0
3 years ago
Software Solutions was hired by Jones Company on December 1 to install and updated software. The total entire amount of $1,800 i
Talja [164]

Answer:

Software solutions was hired to install and update software.

When job was completed,

Total revenue paid by Jones company = $1,800

As of December 31,

software installation completed = 1/2

Service revenue = 0.5 × $1,800

                            = $900

Therefore, the adjusted journal entry for the revenue is as follows:

On 31st December,

Accounts receivable A/c      Dr. $900

To Service revenue                               $900

(To record revenue earned)

8 0
3 years ago
Legal officers should be aware of a possible ___ If they agree to represent two parties that are against each other in the same
musickatia [10]

Legal offices should be aware of a possible conflict of interest

4 0
3 years ago
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