FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a bakery shop makes a large sale for $1,400 on november 30. the customer is sent a statement on december 5 and a check is

a bakery shop makes a large sale for $1,400 on november 30. the customer is sent a statement on december 5 and a check is received on december 10. the bakery shop follows GAAP and applies the revenue recognition principle. when is the $1,400 considered to be recognized?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Market Management

Strategic Market Management

Authors: David A. Aaker

5th Edition

0471177431, 9780471177432

More Books

Students also viewed these Accounting questions

Question

★★★★★
Scentsation, Inc., budgeted for 12,000 bottles of perfume Oui during the month of May. The unit cost of Oui was $20, consisting of direct materials, $7; direct labor, $8; and factory overhead, $5...

Answered: 1 week ago

Question

★★★★★
Are the workings of the free market likely to encourage or discourage discrimination in the following examples? a. The musical director of a symphony orchestra that records but never performs in...

Answered: 1 week ago

Question

★★★★★
List several personal qualities that help people to be happy.

Answered: 1 week ago

Question

★★★★★
Ames, seeking business for his lawn maintenance firm, posted the following notice in the meeting room of the Antlers, a local lodge: To the members of the AntlersSpecial this month. I will resod your...

Answered: 1 week ago

Question

★★★★★
value of Slice's net assets at acquisition was $100,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth...

Answered: 1 week ago

Question

★★★★★
BB Company has the following securities in its portfolio of equity securities on December 31, 2017: Cost Fair Value 15,000 shares of Mercury Corp., Common $260,250 $271,625 6,000 shares of OMC,...

Answered: 1 week ago

Question

★★★★★
Examine managing a firearms business from a potentially challenging scenario: Managing a firearms business during a national tragedy, more specifically, during a national tragedy involving a mass...

Answered: 1 week ago

Question

★★★★★
Imagine you want to air an advertisement on TV . The options are morning or afternoon. The media agency claims that the advertisement will have same effectiveness regardless of the time. The...

Answered: 1 week ago

Question

★★★★★
An existing office in Kariakoo currently sells goods for Tshs 100 per unit. The variable cost is Tshs 40 per unit, and 20,000units are sold annually and a profit of Tshs 300,000 is available...

Answered: 1 week ago

Question

★★★★★
1 In MS SQL we can calculate the email address for our vendor contacts IF the vendor has their email domain value provided in the VendorUpdates_20230107 table (not all of them do!). Email addresses...

Answered: 1 week ago

Question

★★★★★
Which brand, if any, emerged as the favorite? How did you determine this? 2 . Is the favorite generally a popular brand, or were you surprised by the winner? 3 . If a consumer had a favorite before...

Answered: 1 week ago

Question

★★★★★
2. Josina Makaus (2009) chapter on ethical and unethical communication is important for all students in the fi eld. Consider how the ethical frameworks discussed in her chapter might inform volunteer...

Answered: 1 week ago

Question

★★★★★
Pay attention to the way you talk to yourself for the next day. When something goes wrong, what do you say to yourself? Do you put yourself down with negative messages? Do you generalize beyond the...

Answered: 1 week ago

Question

★★★★★
1. Review the areas of communication discussed in the section on the breadth of the communication fi eld. In which areas do you feel most competent as a communicator? In which areas do you feel less...

Answered: 1 week ago

Previous Question Next Question