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ivanzaharov [21]
2 years ago
9

A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is receiv

ed on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be earned:_________
Business
1 answer:
Anna11 [10]2 years ago
7 0

Answer:

November 30

Explanation:

Based on Generally Accepted Accounting Principles,( GAAP) , revenue can be recognized once the goods/servicehas been delivered. whenever sales is made, may be the company has gotten the payment for the sale of has not gotten it. The revenue recognition principle can be regarded as basis of accrual accounting as well as matching principle, all these helps to know the accounting period that revenues as well as expenses can be recognized.

From the question, on 30th November, there was large sales made by the flower shop , though payment received on December 10, Therefore, the $1,000 considered to be recognized on November 30.

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3 years ago
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Brenda, a job applicant at Trade Winds Corp., discovers that the job she is applying for requires her to be a union member befor
Inessa [10]

Based on the information given, it can be deduced that Trade Winds Corp. has a closed shop arrangement.

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Under this condition, an employer will only employ the people that are to be part of the trade union. Therefore, it can be seen that Trade Winds Corp. has a closed shop arrangement.

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brainly.com/question/366179

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2 years ago
Pronghorn Corporation began operations on January 1, 2020 when $236,000 was invested by shareholders of the company. On March 1,
Over [174]

Answer:

a. $7,100

b. -$6,400

c. -$13,500

d. -$13,500

Explanation:

The computation is shown below:-

a. Net income

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= $7,100

b. Comprehensive Income = Net Income - unrealized holding loss

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c. Other Comprehensive Income = unrealized holding loss

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d. Accumulated other comprehensive income:

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3 0
3 years ago
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fomenos

Answer:

The solution to the given problem is given below.

Explanation:

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Minimum line of credit needed is $40,000

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melisa1 [442]

The correct answer would be option D, India has high import tariffs.

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When companies import or export products in or out of the country, they are usually charged with a duty which they have to pay on the import or export of the products. This is called as the Tariff.

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