A pool cleaning service signs a contract with a new customer on May 1 . The pool is vacuumed and "shocked" for the customer on June 1, and the bill for the services is paid on July 1 . Under the accrual basis, the business should recognize revenue on:
a. December 31
b. July 1
c. June 1
d. May 1
c
You might also like to view...
Answer the following statements true (T) or false (F)
1. Computer-assisted instruction is an example of on-the-job training. 2. When doing a performance appraisal the manager will provide the subordinate with feedback. 3. Performance management is a method used to improve profitability through a rapid downsizing. 4. A company that evaluates its truckers based on miles of freight hauled is using objective appraisals.
Direct or indirect quid pro quo influencing is known as ______.
A. apprising B. consultation C. inspirational D. exchange
Cash dividends and treasury stock purchases ________
A) represent cash payments that are made to ensure higher reported profits B) may be limited by creditors to ensure that the company maintains a minimum level of stockholders' equity C) may be restricted as a way to lower federal income tax expense D) make more resources available to pay liabilities
Suppose hockey skates sell in Canada for 113 Canadian dollars, and 1 Canadian dollar equals 0.71 U.S. dollar. If purchasing power parity (PPP) holds, what is the price of hockey skates in the United States?
A. $60.17 B. $90.66 C. $82.64 D. $93.07 E. $80.23