A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be earned?
a. December 5
b. December 10
c. November 30
d. December 1
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision is referred to as sales management. personal selling. sales promotion. direct selling.
Answers (1)
Berkshire Inc. uses a periodic inventory system. At the end of 2017, it missed counting some inventory items, resulting in an inventory understatement by $600,000.
Answers (1)
What activities would a product owner typically undertake in the phase between the end of the current sprint and the start of the next sprint?
Answers (1)
Ba-19 boating accidents involving sportsmen are usually a result of what
Answers (1)
Where can a health insurance policy be purchased? Select all that apply. company where one works school that one attends online health insurance marketplace local medical clinic area hospital
Answers (1)
New Questions in Business
In the context of management functions, which of the following is true of planning? a) It involves hiring and leading workers. b) It is the last function of management. c) It is one of the best ways to improve performance.
Answers (1)
The market equilibrium A. occurs only when consumer surplus exceeds producer surplus. B. minimizes the profit of the market because it guarantees that all mutually beneficial transactions will happen. C.
Answers (1)
Study the financial information for reel mower units that James Colburn prepared for Rick Martino. Prepare a pro-forma income statement (labeled Table 1) assuming no changes in accounting policy for 2008 and assuming that the company sells 10,000
Answers (1)
Assume that you are on the financial staff of Vanderheiden Inc., and you have collected the following dа ta: The yield on the company's outstanding bonds is 7.75%, its tax rate is 40%, the next expected dividend is $0.
Answers (1)
Assume that a $1,000,000 par value, semiannual coupon US Treasury note with five years to maturity has a coupon rate of 6%. The yield to maturity (YTM) of the bond is 11.00%.
Answers (2)