On October 25, Yacht Doc received $210,000 for a yacht valued at $190,000 and a service contract to be performed evenly from November through February. During November, the yacht was delivered and 1 month of the service contract was performed. The remaining services are to be performed evenly over the next 3 months. In what month should the service contract be recognized as revenue

Answers

Answer 1

Answer:

5,000 in each month from November to February

Explanation:

210k - 190k = 20k

5k at delivery and the remaining performed over three months. Therefore $5000 per month

Answer 2

5k at delivery, with the remainder completed over three months. From November to February, 5,000 deliveries were made per month at a cost of 210k - 190k = 20k. As a result, $5,000 is earned each month.

What is accounting?Accounting is the process of recording, compiling, and reporting financial transactions to regulatory bodies, auditors, and the IRS.Accounting principles are the rules and regulations that businesses and other organizations must follow when reporting financial data. These guidelines standardize the language and procedures that accountants must use, making financial data analysis easier.The International Financial Reporting Standards are the most widely used set of accounting principles, having been adopted in 166 jurisdictions. The Generally Accepted Accounting Principles (GAAP) are a set of accounting standards that are only used in the United States (GAAP).

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Related Questions

Head Time is a local salon that requires all its stylists to graduate from a recognized hairstyling institute and pass the state licensing examination prior to joining work. Due to strict customer service requirements and potential lawsuits resulting from inadequate knowledge regarding the use and care of certain chemicals and solutions, this business can clearly justify its hiring criteria ________.

Answers

Answer:

educational

Explanation:

new haven products has used lifo inventory valuation for the life of the company. each year, their lifo reserve increases. what can be assumed about the prices of inventory?

Answers

It can be assumed that the prices of inventory is increasing.

The LIFO method is an inventory system where the inventory purchased last is assumed to be the first to be sold. Ending inventory would be made up of inventories that were first purchased.

The FIFO inventory is an inventory system where the first purchased inventory is assumed to be the first to be sold. Ending inventory consists of inventory that was purchased last.

The LIFO reserve is the difference between the FIFO inventory and the LIFO inventory.

LIFO reserve = (FIFO inventory) - (LIFO inventory).

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Explain supply and demand. Provide an example or real life scenario

Answers

These are examples of how the law of supply and demand works in the real world. A company sets the price of its product at $10.00. No one wants the product, so the price is lowered to $9.00. Demand for the product increases at the new lower price point and the company begins to make money and a profit.

to derive a competitive advantage, firms can properly configure hr practices to drive ________ which leads to ________.

Answers

When firms configure it HR practices to drive employees which leads to improved Firm performance, then the firm will derive competitive advantage.

In a firm, the Human personnel is saddled with the responsibility of effectively managing and motivating the employee for purpose of achieving productivity.

Competitive advantage of a firm entails an attribute which enables a company to outperform its competitors such as Increasing customer-base over other firms.

Therefore, when the firm HR drives the employees, productivity will be achieved which will then create an advantage of competition over other firms.

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the erie canal connected industry and consumers in the east with what group?

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The Erie canal was able to connect industries and consumers in the east with c. Midwestern farmers.

The Erie Canal:

Was completed in 1825Connected New York City and the Great Lakes Allowed for goods to be shipped to and from the New York to the Great Lakes

The Great Lakes were accessible to farmers in the midwestern region and after the Erie Canal was built, farmers were able to send their produce via the Great Lakes and through the Erie Canal to New York City where it could be purchased by industries and people or shipped internationally.

In conclusion, the Erie canal was very important to midwestern farmers as it increased their reach.

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Options for this question include:

a. Southern planters

b. Canadian fur traders

c. Midwestern farmers

d. New England fishers

A trading company acts like a ______, taking on much of the responsibility of finding markets while facilitating all marketing aspects of a transaction.

Answers

A trading company acts like a wholesaler

the efficient markets hypothesis says that beating the market consistently is

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Answer:

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Explanation:

Researchers recruited participants for a wine tasting study that included a variety of wines in terms of style and price. The participants tasted a series of wines in a random order. Participants could look at the bottle for each wine so they could take its price and label information into account as they tasted and rated each wine. The participants rated the more expensive wines significantly better tasting than the less expensive wines. The researchers carrying out the study conclude that more expensive wines taste better.

Required:
What is a confounding variable that makes their conclusion inappropriate?

Answers

Answer:

The lack of blinding

Explanation:

Seeing the price of each wine is a confounding variable. The participants might already think that expensive wines will taste better than cheaper wines.

X Company, which uses the gross method and a perpetual inventory system, sold $2,000 of merchandise on account with credit terms of 2/10,n/30. If the customer pays within the discount period and takes the discount, X will record a journal entry that includes ______. (Check all that apply.)

Answers

Answer.

Explanation.

20 Characters long

Thinking about your office or college, what types of
information are conveyed through the grapevine? How
often is the information accurate?

Answers

Answer: I would experience a lot of cluster chains speaking on if someone was in trouble. An employee would be called to the back office if they were either in trouble or getting a promotion.

Explanation:

the country of doomsville is currently in a recession. the government of doomsville, in an effort to maintain its tax revenues in a time when incomes are falling, decides to increase the tax rate. would this policy help or hurt the recession?

Answers

Answer:

This policy would likely make Doomsville's recession worse.

Explanation:

Hope this helps, Have a great morning/night! :D

how much should a single person spend on groceries?

Answers

Answer:

175$-348.80$

Explanation:

sorry if you get the answer wrong .

Answer:

200-300 I guess beacuse we should fulfill our all needs. Not to starve ourself.

Explanation:

Eat everything you like

Suppliers deliver product to restaurants on a regular schedule throughout the week. You are responsible for checking delivery or having another staff person do so. What are key things to look for?
a) Is the quality up to your standards?
b) Damaged and unsellable items
c) is anything missing from the invoice?
d) Incorrect items
e) All of the above

Answers

Answer: e) All of the above

Explanation:

which one of the following is a primary market transaction?

Answers

Correct answer: A dealer buying newly-issued shares of stock from a corporation.

what characterizes developing economies? check all that apply.

Answers

Explanation:

Explanation: What characterizes a developing economy is the rapid pace of GDP and improved social indicators such as rising living standards and the rise of the middle class. GDP will be accelerated as production in the country increases.

How would a two percent rise in interest rates most likely affect new housing?​

Answers

A two percent rise in interest rates would most likely affect new housing by making the price of the houses fall in the long run.

As the interest rate of possessing a mortgage rises, many individuals would not afford a house with a mortgage.

Subsequently, as people are shying away from possessing mortgages with high-interest rates, home investors and sellers need to reduce their house prices to attract buyers.

Hence, in this case, it is concluded that a two percent rise in interest rates would most likely affect new housing by making the price of the houses reduce in the long run.

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optimistic people view challenges as opportunities to influence decisions.

Answers

Answer:true

Explanation:true

withdrawn rs 1000 on a permanent basis out of capital.​

Answers

Answer:

withdraw a/c...........Dr           1000

         To cash a/c                           1000

Explanation:

according to gaap which method should be used to record the acquisition of a fixed asset

Answers

According to gaap, the method that can be utilized in recording the acquisition of a fixed asset is Cost method.

In GAAP , the one method that is notable and accurate in recording a fixed asset is the cost method.

The cost method can be regarded as method utilized in recording the acquisition cost of the fixed asset as well as the costs of bringing the fixed asset to the condition that is needed for it to be used as well as the required location.

Therefore, cost method helps in recording acquisition of a fixed asset .

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Which of the following statements demonstrates intrinsic motivation?
a.
I traveled to Mexico to learn about my family's history.
c.
I joined the science club to make my parents happy.
b.
I work extra hours at my boring job to make extra money.
d.
I help out at a bake sale, so that I may recieve a pie afterwards.

Answers

Answer:A
I traveled to Mexico to learn about my family’s history

Answer:

A

Explanation:

sadiya, who owns a dance studio, consistently reminds her employees that dance lessons are a luxury for customers, so they should be both informative and fun. by making these statements, sadiya is

Answers

When Sadiya makes statements to her employees about the characteristics of dance classes, which should be informative and fun, she is explicitly stating values ​​and norms preferred by her organization.

As the owner of the dance studio, she manages and coordinates her collaborators for the institution of organizational culture focused on the studio's vision, mission and values.

An organization focused on offering a differentiated and quality service to the customer will increase its value, positioning and competitiveness.

Therefore, through her services, Sadiya aims to generate value to her customers through informative and fun dance classes, increasing the loyalty and success of her business.

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a monopoly is a market structure that is characterized by

Answers

Answer:

Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. ... All these factors restrict the entry of other sellers in the market.

Explanation:

Hope it helps

Blushing Co. had Total Assets of $105,000, which included Cash of $30,000, Accounts Receivable of $15,000 Merchandise Inventory of $60,000. Blushing also had Total Liabilities of $95,000, which included Current Liabilities of $60,000. Blushing's acid-test ratio equals:

Answers

The Acid-test ratio of Blushing Co,. is 1.25.

Acid-test ratio is also known as the quick ratio. It is the ratio of a firm's current assets to its current liabilities.  It is a type of liquidity ratio. Liquidity ratio measures the ability of a firm to meet its short term obligation. The higher the acid-test ratio, the higher the liquidity of the firm.

Acid test ratio = (current asset - inventory) / current liabilities

Current assets - inventory = $105,000 - $60,000 = $45,000Current liabilities = $60,000 Acid-test ratio = $45,000 /  $60,000 = 0.75

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which is most likely the reason why policymakers would impose a a price ceiling on the market for coffee?

Answers

The reason for imposing the price ceiling is to prevent the producer/seller from taking advantage of the consumer.

Price ceiling refers to an economic tools used by policymaker to mandate a maximum price that the seller must charge for sales of a product or service.

Price ceiling serves as a tool to prevent the producers from exploiting the consumers.

The price ceiling are imposed by the policymaker to prevent producer or seller of coffee to have price advantage of its sales to the coffee consumers.

Therefore, in conclusion, aim of preventing exploitation of consumer is the reason of imposing price ceiling on coffee market.

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what is the cumulative effect of the inventory error on total gross profit for the 2 years?

Answers

Answer:

its lower gross profit under the LIFO then the methode FIFO

Explanation:

What is something that quantitative research won't tell you?
A. A company's annual earnings
B. A company's stock performance over the past five years
C. How happy a company's employees are
D. When a company went public

Answers

The findings that quantitative research won't tell you is "When a company went public."

This is because quantitative research measures the situation in value using numbers analysis

Usually, quantitative research analyzes numerical data to conclude.

Options A, B, and C can be measured on numerical scales, in which the conclusion can be reached.

However, option D is just a date; it cannot be analyzed with quantitative research analysis.

Hence, in this case, it is concluded that the correct answer is option D. "When a company went public."

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Answer:

c

Explanation:

took the test

What type of organizational arrangement organizes employees by activity?
a. Hybrid
b. Matrix
c. Divisional
d. Functional​

Answers

Answer:

What is c. Divisional

Explanation:

Divisional Structures. A divisional structure organizes a company's activities into geographical, products, markets or service groups.

On December 31, 2020, Coolwear, Inc. had a balance in its prepaid insurance account of $55,400. During 2021, $93,000 was paid for insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $45,500. Insurance expense for 2021 was:

Answers

Based on the amount paid for insurance and the prepaid balance, Coolwear Inc. probably had an insurance expense of $102,900.

The insurance expense of the year can be calculated as:

Closing prepaid insurance = Opening prepaid insurance + Amount paid for insurance - Insurance expense

Solving will give:

Insurance expense  = Opening prepaid insurance + Amount paid for insurance - Closing prepaid insurance

= 55,400 + 93,000 - 45,500

= $102,900

In conclusion, insurance expense was $102,900.

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Research on performance appraisal suggests a. performance appraisal ratings are usually used only for feedback purposes. b. employees are always well aware of the basis for their evaluations. c. as organizations become flatter, there is less need for multiple appraisal perspectives like those of peers, customers and subordinates. d. feedback is most effective if it immediately follows high or low performance.

Answers

Research on performance appraisal suggests "feedback is most effective if it immediately follows high or low performance."

Generally, the performance appraisal is conducted for some major reasons such as :

To give reasonable feedback to each of the employees on their performance;

To form the yardstick to alter employers' attitude towards effective performance.

To give equip managers with the necessary information to appraise subsequent job assignments.

Hence, in this case, it is concluded that the research appraisal feedback is most effective if it immediately follows high or low performance.

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Witch of the following is a current asset?
A- Employee
B- Land
C- Supplies
D- Mortage

Answers

I feel like C would be the answer
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