Question
Behrend Co. receives inventory costing $1,000 from a supplier in September of 2014 and pays the supplier for it in October, sells (and delivers) it
Behrend Co. receives inventory costing $1,000 from a supplier in September of 2014 and pays the supplier for it in October, sells (and delivers) it to a customer for $1,500 in November but doesnt collect the account receivable until December.
Under GAAP, the $1,500 of revenue should be included in the Income Statement of
| December |
| November |
| October |
| Behrend Co. receives inventory costing $1,000 from a supplier in September of 2014 and pays the supplier for it in October, sells (and delivers) it to a customer for $1,500 in November but doesnt collect the account receivable until December. Under GAAP, the $1,000 of expense (cost of goods sold) should be included in the Income Statement of
| September
|
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People Centric Skills Interpersonal And Communication Skills For Auditors And Business Professionals
Authors: Goldberg
1st Edition
1118850815, 978-1118850817
