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

Question

1 Approved Answer

Romeo & Juliet Ltd received $40,000 cash from a customer on 12 October 2020 in payment for equipment to be manufactured and shipped to the

Romeo & Juliet Ltd received $40,000 cash from a customer on 12 October 2020 in payment for equipment to be manufactured and shipped to the customer on 20 March 2021.

Required:

Refer to definitions and recognition criteria of the elements of financial statements to discuss how to report the above transaction on 12 October 2020.

Word limit: 200 words

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

The Audit Process Principles Practice And Cases

The Audit Process Principles Practice And Cases

Authors: Iain Gray, Stuart Manson

5th Edition

1408030497, 9781408030493

More Books

Students also viewed these Accounting questions

Question

★★★★★
Reconsider Prob. 4128. Using EES (or other) software, investigate the effect of the initial temperature of the ice on the final mass required. Let the ice temperature vary from 20 to 0C. Plot the...

Answered: 1 week ago

Question

★★★★★
Suppose that a material has a lead time of three days and that the average usage of the material is 12 units per day. What is the reorder point? a. 12 b. 15 c. 36 d. 45 e. 3

Answered: 1 week ago

Question

★★★★★
Which of the following does not constitute a benefit of DRs for investors? a. Facilitate diversification into securities of foreign issuers b. Eliminate unfamiliar custody safekeeping arrangements c....

Answered: 1 week ago

Question

★★★★★
Multiple Choice Questions 1. United First Bank, the nationwide banking company, owns many types of investments. Assume that United First Bank paid $700,000 for trading securities on December 3. Two...

Answered: 1 week ago

Question

★★★★★
This is about Turning Machine, Please show correct answer and steps. 1. (10pts) Design single-tape Turing machines that accept the following languages using JFLAP a) L,-{ w : na(w) = nb(w) : we {a,...

Answered: 1 week ago

Question

★★★★★
FAA responsibility for environmental requirements include requirements. Group of answer choices All requirements listed Making airplanes compatible with the environment Serves in an advisory capacity...

Answered: 1 week ago

Question

★★★★★
As much as you may have a preference for a type of network (e.g., broadband, wireless) each technology has both disadvantages and advantages. Discuss the advantages and disadvantages of different...

Answered: 1 week ago

Question

★★★★★
James, a newly recruited employee of an organization, received an email containing a fake appointment letter. The letter claims to have been sent by the real organization. James failed to identify...

Answered: 1 week ago

Question

★★★★★
East Pangea has computed the costs of its market baskets for three years in the table below. Using 2016 as your base year, compute the Consumer Price Index Number for all three years for East Pangea:...

Answered: 1 week ago

Question

★★★★★
"IT's About Business 7.3 Amazon's B2B Marketplace Amazon Business (www.business.amazon.com) is Amazon's e-commerce website that caters to the wholesale and distribution business-to-business (B2B)...

Answered: 1 week ago

Question

★★★★★
1. In studying the motion of a string, it is determined that the speed of the various points along the string is given by the function v(s, t,m) = 2a + 3t+4ys +6+2 km where s is the coordinate of...

Answered: 1 week ago

Question

★★★★★
Suppose Eco Threads does decide to keep everyone fully employed and instead cuts pay rates to obtain the required budget savings. Based on what you learned here, specifically what concerns would you...

Answered: 1 week ago

Question

★★★★★
Although the case with OFCCP is closed, we wonder if there are any less discriminatory explanations possible for why our women sales reps on average earned less than men. If so, what are they?

Answered: 1 week ago

Question

★★★★★
Similarly, is Carters malefemale differential wise? If not, why not?

Answered: 1 week ago

Previous Question Next Question