Answer:
Buys finished products and sells them for a profit
Answer:
its ture 100% you need food and shelter
Answer: =MONTH(F5)
Explanation:
The MONTH function in Excel returns the month, a number from 1 (January) to 12 (December).
It’s syntax is;
“=MONTH(serial_number)”
Where serial number refers to the date in question, which could either be a date itself or a cell reference.
The MONTH function is used to extract the month number from a date.
If cell F5 contains “July 8, 2016”, the formula “=MONTH(F5)” inputed in another cell will give the value “7”.
This is because the month July is the 7th month of the year.
Answer: B. $1,050 more than expected.
Explanation:
The company originally planned to have revenue resulting from 30 customers and charging $30 for an estimated 33 hours.
Estimated revenue was;
= 30 * 30 * 3
= $2,700
However, in actuality, they sold to 20 more customers than estimated but only spent 2.5 hours each.
Number of customers = 30 + 20
= 50 customers
Actual revenue
= 50 * 30 * 2.5
= $3,750
Difference is;
= 3,750 - 2,700
= $1,050 more
Answer:
B: $1,500 is recognized this year, $ 9,000 next year and $ 7,500 in last year of contract.
Explanation:
Steven has adopted the accrual method in recording its revenue.
Accrual is an accounting concept which means expenses and revenues are recorded by a business when they are incurred not when cash is received or paid.
Accrual basis of accounting gives more accurate and true results as compare to cash basis accounting.
The payment received in September of $ 18,000 was the income for 24 months so it was wrong to record the whole amount as an income in September.
In the first year 2 months of income is recorded for November and December ($ 18,000÷24 = $750 per month) $750 × 2 = $1500.
In the second year 12 months revenue will be recognized ($750 per month × 12 = $ 9,000)
In the last year 10 month remained out of 24 months so the income recognized was ( $750 × 10 = $ 7,500)
