What situations it would be useful to recognize
In what situations it would be useful to recognize revenue as the productive activity takes place. At what times, other than those included in and above, may it be appropriate to recognize revenue?
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Rainey Company wrote checks totaling $8,540 during October and $9,325 during November. $8,120 of these checks cleared the bank in October, and $9,110 cleared the bank in November.
In the month of November, Coler Company Inc. wrote checks in the amount of $9,250. In December, checks in the amount of $12,658 were written.
New diagnostic equipment for the medical services division was acquired at an invoice price of $93000. This did not include the 8.7% sales tax. Transportation cost of $2650.
Company A records purchase discounts as the author states. Company B records purchase discounts as Other Income. Company B makes the journal entry Accounts Payable debit and Purchase Discounts Takes credit.
What is the difference between budget lapsing and line-item budgets?What types of organizations would you expect to use budget lapsing?What type of organizations would you expect to use lin-item budgets?
Smoky Mountain Corporation makes two types of hiking boots-Xtreme and the Pathfinder. Data concerning these two product lines appear below:
If a company purchases a delivery truck to be used in its business, the truck's cost will initially be recorded as the asset Delivery Truck on the company's balance sheet.
The types of decision are that should be transfered to the new divisional managing directors if such reogranization is to achieve its objectives.The types of decision are that might reasonable be retained at company head office.
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