Answer:
Explanation:
The journal entry is shown below:
Cash A/c Dr $768,000
Service Charge Expense A/c $32,000
To Accounts Receivable A/c $800,000
(Being the cash is received and the remaining balance is debited to the cash account )
The computation of the service charge expense is shown below:
= Accounts Receivable × service charge percentage
= $800,000 × 4%
= $32,000
Kendrick as a personel who is highly knowledgeable as regards new developments in computer technology, and in all means try to explore new computer parts and models can be regarded as an Innovator in the domain of diffusion of innovation curve.
- The innovation adoption curve can be regarded as the curve that showcase how users falls into different categories, this is usually classified as per their willingness to accept new technology or an idea.
- Kendrick, in this case try out the new computer part with all willingness.
Therefore, Kendrick can be seen as innovator.
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Answer: Define Project Needs, Understand the Project Objectives, Define the Project Scope
Explanation: Project Scope is defined as the work that needs to be accomplished to deliver a product, service, or result with the specified features and functions.
The scope of the project should have a tangible objective for the organization that is undertaking the project
There are 3 main steps of project scope and they are:
1. Define Project Needs
2. Understand the Project Objectives
3. Define the Project Scope
Scope statement are the documentation of the scope of the project will explain the boundaries of the project, establish the responsibilities of each member of the team and set up procedures for how the work that is completed will be verified and approved.
Answer:
D. Debit to Accounts Receivable
Explanation:
Transaction of sale in Perpetual Inventory system will be recorded as follow:
Dr. Cr.
Account Receivable xxx
Sales xxx
Cost of Goods Sold xxx
Merchandise Inventory xxx
There is no entry to purchases, cost of goods sold is debited and inventory is credited. So, the only correct option which is dealt in above transactions.
Answer:
1. $54,000
2. $50,000
3. $50,000
Explanation:
1. The computation of transaction price if the expected value is used is shown below:
= Flat fee + (Cost savings × given percentage)
= $50,000 + ($20,000 × 20%)
= $50,000 + $4,000
= $54,000
2. The computation of transaction price if the estimate of variable consideration is used. So, only a flat fee should be considered and the cost saving is ignored. Hence, the amount is $50,000
3. The computation of transaction price if the estimate of variable consideration is used. So, only a flat fee should be considered and the cost saving is ignored. Hence, the amount is $50,000 as there is very uncertainty due to lack of experience
