1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lawyer [7]
3 years ago
14

Orange County Shop follows the revenue recognition principle. Orange County services a bicycle on July 31. The customer picks up

the bike on August 1 and mails the payment to Orange County on August 5. Orange County receives the check in the mail on August 6. When should Orange County show that the revenue was recognized?
a. July 31

b. August 1

c. August 5

d. August 6


d. Neither accrual-basis nor cash-basis accounting
Business
1 answer:
mel-nik [20]3 years ago
8 0

Answer:

a. July 31

Explanation:

According to the revenue recognition principle, the revenue is recorded when the revenue is realized or earned not when the cash is received. There is no effect on cash receipt in this principle

Whether cash is received or not, the revenue is recognized when the service is provided to a customer

According to the given scenario, the service is performed so it is on July 31

You might be interested in
On January 1,2016, the Ruffin Corporation issued $40,000 par value, 4%, four-year bonds that mature on December 31, 2019. Ruffin
Sergeu [11.5K]

Answer:

Face Value of the Bond = 40000

Effective Interest = 4%

Coupon rate = 4%

Years to Maturity = 4

Quarterly Coupon rate = 1%

No. of compounding periods = 16

Present Value of Face (40000*.85282)                       $34,112.85

Present Value of Interest Payments (800*14.7179)      <u>$5,887.15</u>

Total                                                                                $40,000.00

Face Value of Bond                                                       <u>$40,000.00</u>

Initial Amount of Discount/(Premium)                           <u>$0.00         </u>

Note: As the bonds are issued at par, there is premium or discount.

7 0
3 years ago
During regular operating hours, passengers of Fly-Hi airlines arrival at the airport at the average rate of 190 per hour (Poisso
GenaCL600 [577]

Answer:

The minimum number of staffs that could be hired is 4

The optimal number of stuff is 6 and  The total cost per hour is $114.14

Explanation:

Average arrival rate, λ = 190 per hour

Average service rate, μ = 1 in 1 minute = 60 per hour

The minimum number of servers required for a stable queuing system

= λ/μ

= 190/60

= 3.167

Therefore, The minimum number of staffs that could be hired is 4.

s             P0               Lq              Server cost per hour = s*18

4            0.029         2.210                      72  

5            0.039  0.483                      90

6            0.041          0.137                       108  

Waiting cost per hour = Lq*45   Total cost per hour

              99.44                                            171.44

              21.72                                      111.72

               6.14                                               114.14

The total cost is optimal for s = 6.

Therefore, The optimal number of stuff is 6 and  The total cost per hour is $114.14

4 0
4 years ago
Which of the following inventory costing methods shown below is required by GAAP (Generally Accepted Accounting Principles) for
adoni [48]

Answer: the correct answer is absorption costing.

Explanation: Absorption costing is a costing method that takes into account all costs related to manufacturing a particular product.

8 0
3 years ago
An industry comprised of a very large number of sellers producing a standardized product is known as:
mash [69]

Answer:

The appropriate response is "Pure competition".

Explanation:

  • Pure competition seems to be an economically efficient circumstance where there is already a massive quantity of international customers and retailers as well as the manufacturer would be ready for deployment.
  • Even though both a significant quantity of products as well as extremely similar or defined consumer items seem to be characteristics of pure competition.
5 0
3 years ago
An example of market power
Soloha48 [4]
A monopoly is the best example of a company with substantial market power
7 0
3 years ago
Read 2 more answers
Other questions:
  • In December, McCullum Corporation sold 2,900 units of its only product. Its total sales were $281,300, its total variable expens
    14·1 answer
  • Whats the full meaning of commerce<br>​
    8·1 answer
  • An informal work group is:a. a collection of individuals who interact with each other such that oneperson’s actions have an impa
    12·1 answer
  • 17) A price tag of $4 for a portable power bank is an example of money as A) a medium of exchange. B) a unit of accounting. C) a
    15·1 answer
  • For each of the following, indicate whether the idea is most closely associated with the first industrial revolution, the second
    14·1 answer
  • Supervisor: "He is going to rue missing today's training session." Why would he need to make up for missing today's training ses
    15·1 answer
  • Write about the factors that affect the process of planning.​
    13·1 answer
  • Drag and drop each of the following targeting strategies against their corresponding examples where such strategies can be emplo
    11·1 answer
  • If you were buying a bond, which of the following characteristics would you most likely be looking for?
    5·1 answer
  • A _____ is a temporary work structure that starts up, produces products or services, and then shuts down.group of answer choices
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!