On October 31, Michael Corporation signed a one-year contract to provide services to Love Company for $80,000 . Love will pay for the services on November 1 . Using the accrual basis of accounting, when should Michael Corporation recognize revenue?
a. November 1 of the current year when the cash is received from Harris
b. On October 31 of the next year when all services have been provided
c. Throughout the year as the revenue is earned
d. At December 31 of the current year, and October 31 of the next year
c
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A. district management. B. chief executive officer. C. general store manager. D. human resource management. E. marketing manager.
With a cut in the proposed budget, (there, they're) will be (fewer, less) money allocated to recreational projects
What will be an ideal response?
One purpose of financial statement analysis for internal users is to provide information to improve efficiency and effectiveness.
Answer the following statement true (T) or false (F)
Chadwick Associates retained $850,000 of net income in the business in Year 1. If $75,000 was appropriated to satisfy the restrictive covenant of a loan agreement, what are the effects of the appropriation on the elements of the financial statements? Assets=Liab.+Stk.EquityRev.?Exp.=Net IncStmt. ofCash FlowsA.NA NA NANA NA NANAB.(75,000) NA (75,000)NA NA NA(75,000)FAC.(75,000) NA (75,000)NA 75,000 (75,000)(75,000)FAD.(75,000) NA (75,000)NA NA NANA
A. Option A B. Option B C. Option C D. Option D