Revenue in a business transaction is recognized <u>When </u><u>goods </u><u>or </u><u>services </u><u>are </u><u>provided </u><u>to </u><u>customers </u><u>and at the </u><u>amount expected </u><u>to be </u><u>received </u><u>from the customer. </u>
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<h3>What is revenue?</h3>
- Refers to the amount paid to a company for the provision of goods and services.
- Can only be recognized when that good or service has been provided to the customer.
Until a good or service is provided to the customer who bought it, revenue should not be recognized because it has not been earned by a company.
In conclusion, option C is correct.
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Based on the information given the gift tax in 2019 is $0.
Gift tax are tax that is imposed by the federal government on taxpayer for giving out gift.
The gift tax for 2019 is $15,000 annually which means that any taxpayer that gift someone else gift either as cash or property that is not above $15,000 will not be taxed or will not incurred any gift tax.
On the other hand any taxpayer that give out gift that is above $15,000 will be taxed which means that the giver will have to file a tax return reason being that the gift is above the recommend yearly gift tax exclusion amount of $15,000.
Based on the given scenario the amount Joshua gave his son which is $13,400 is not above the yearly gift tax of $15,000 which means that Joshua will not file a gift tax return.
Inconclusion the gift tax in 2019 is $0.
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The finances of businesses involve several things, including:
- Revenue and profit.
- Costs and expenses.
- Budgets.
<h3>What are some components of finance in business?</h3>
The financial aspect of a business is hugely important to the success of the business because it involves making a profit which is the sole purpose of business.
In order to be successful in business, one needs a good financial plan. This plan will predict the revenue that the company should be earning in order to make profit.
It should also include the various costs and expenses that the business will incur as it engages in business. This financial plan usually comes in the form of a budget which provides ideas on how a business should spend money.
Note: Question was incomplete so a general overview of business finance was given.
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Answer:
Proposal A: $185,714.29
Proposal B: $160,000
Explanation:
Giving the following information:
$10,000 for installations to be completed.
The revenue generated by each unit is $ 20.00
Proposal A:
Fixed costs= 55,000
The variable cost is $13.00
Proposal B:
Fixed costs= 70,000
The variable cost is $10.00
Break-even point (dollars)= fixed costs/ contribution margin ratio
Proposal A: (55,000+10,000)/[(20-13)/20]= $185,714.29
Proposal B: (70,000 + 10,000)/[(20-10)/20]= $160,000
Answer:
Note: The complete question is attached below as picture
Indication of how they should be reported are as follow:
1) Budgetary Schedules : FINANCIAL SECTION AS RSI (RSI)
2) Letter of Transmittal : INTRODUCTORY SECTION (I)
3) Legal debt limitations and debt margin : STATISTICAL SECTION (S)
4) A description of government's financial conditions : FINANCIAL SECTION AS MD&A (MDA)
5) Property tax collection and levy information : STATISTICAL SECTION (S)
6) Defined benefit pension plan schedules : FINANCIAL SECTION AS RSI (RSI)
7) Financial highlights of the fiscal year : FINANCIAL SECTION AS MD&A (MDA)
8) Auditors report : FINANCIAL SECTION (F)
9) 10-year data trend : STATISTICAL SECTION (S)
10) Notes to the financial report : FINANCIAL SECTION (F)
