Indicators that control has been transferred to a customer under the contract-based approach include all of the following, except for payment has been received transfer of risks and rewards of ownership physical possession legal title Oceans Limited sold $1,750,000 worth of goods during the current year. The cost of goods sold is $1,050,000. Credit sales were $1,575,000, of which 40% were still outstanding. How much cash was collected by Oceans Ltd.? $1,575,000 $1,120,000 $ 805,000 $ 175,000 The Carluccis decided to open a resort. In the first month of operation they collected cash and credit card receipts of $1,612.50. All rooms rent out at $75 a night and during the month they had 19 room rentals. In addition to the 19 rentals, they received non-refundable deposits of $37.50 each on another five nights of rentals. Two of those deposits related to the current month and the people failed to show up. The Carluccis did not refund the deposits for these two customers. The remaining three deposits are for future stays. The appropriate amount for them to recognize as revenue for their first month is $1,425. $1,500. $1,800. $1,575. Which of the following would indicate high quality earnings for a company? Increasing revenue while cash from operations is stable. Increasing net income while cash from operations decreases. Revenue and net income that move together. Net income and cash flow from operations that move together