Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Question: At what time is it proper to recognize income in the following cases:

(a) Installment sales with no reasonable basis for estimating the degree of collectibility?

(b) Sales for future delivery?

(c) Merchandise shipped on consignment?

(d) Profit on incomplete construction contracts?

(e) Subscriptions to publications?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92400608
  • Price:- $10

Priced at Now at $10, Verified Solution

Have any Question?


Related Questions in Accounting Basics

Question -a revenue of 62000 was earned but only 45000 was

Question - a. Revenue of $62,000 was earned, but only $45,000 was collected. Expenses of $36,000 were incurred, but only $30,000 was paid. What is reported operating income? b. Wages of $5,000 are paid every Friday for a ...

Question - on january 1 2017 boston enterprises issues

Question - On January 1, 2017, Boston Enterprises issues bonds that have a $3,400,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31. The bonds are sold at par. Explain how it ...

Case study oneon 1 january 2017 nicolaidis ltd purchased

Case Study One: On 1 January 2017, Nicolaidis Ltd purchased two identical new machines at a total cost of $700 000 plus GST. It was estimated that the machines would have a useful life of 10 years and a residual value of ...

Question - pina corporation bought a new machine and agreed

Question - Pina Corporation bought a new machine and agreed to pay for it in equal annual installments of $5,280 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 6% applies to this con ...

Question - a person wants to purchase a new car in 8 years

Question - A person wants to purchase a new car in 8 years and expect the car to cost $63,000. bank offers a plan with a guaranteed APR of 4.5 %. If you make regular monthly deposits. How much should you deposit each mon ...

Question - klm ltd purchased new equipment on 1st january

Question - KLM Ltd purchased new equipment on 1st January 2010, at a cost of $420 000 net of GST. The company estimated that the equipment had a useful life of 5 years and a residual value of $45 000. Required - Assuming ...

Question - a retailer receives an invoice for 85000 dated

Question - A retailer receives an invoice for $85,000 dated March 29 and has terms 6/10 EOM. What's the amount paid to the vendor if the invoice is paid on May 6?

Question - morbes magazine is a magazine publisher who

Question - Morbes Magazine is a magazine publisher who began their operations on April 1, 2018. On this date, Morbes sold 40,000 one-year subscriptions, with each subscriber paying $36. Subscribers are required to pre-pa ...

Question - por corporation is an automobile manufacturer

Question - POR Corporation is an automobile manufacturer. POR has an unused piece of manufacturing equipment in one of its factories (i.e., a capital asset). POR has been approached by CIV Ltd., who would like to purchas ...

Question - explain the process of closing the books and

Question - Explain the process of closing the books and describe the content and purpose of a post-closing trial balance.

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As