What amount of revenue should be recognized

Assignment Help Accounting Basics
Reference no: EM131716758

Question - The Eagle Company reports sales in the current year of $300,000. Of this amount, 70 percent were credit sales and the rest were cash sales. The accounts receivable at the first day of the year was $60,000 but rose by $30,000 during the year to a $90,000 balance at the end of the year. The company did not write off any accounts during the year as bad and recognized no bad debt expense. If the company reports on the cash basis of accounting rather than the accrual basis, what amount of revenue should be recognized?

270,000

90,000

300,000

330,000

Reference no: EM131716758

Questions Cloud

What is the amount to be included in harrison gross income : During the current year, Harrison sustained a serious injury in the course of his employment. What is the amount to be included in Harrison's gross income
Green-yellow-red color scale conditional formatting : Use 'Green-Yellow-Red' Color Scale Conditional Formatting on the Order Quantity (Shelves) column.
Describe how the implementation of incident action plans : Describe how the implementation of Incident Action Plans, Incident Management System, and data collection contributes to effective fire department organization.
What is the maximum deductible contribution : Leon is married, files a joint return with his wife, and has an AGI of $103,000 in 2017. What is the maximum deductible contribution
What amount of revenue should be recognized : If the company reports on the cash basis of accounting rather than the accrual basis, what amount of revenue should be recognized
Explore what problems bring the clients to their agency : How might the team explore what problems bring the clients to their agency. What might the team learn from client assessments
What are the total cash sales for the january-march quarter : Sales are 40% cash and 60% on account, and 60% of credit sales are collected in the month of sale. What are the total cash sales for the January-March quarter
What degree are you open to the possibility : what degree are you open to the possibility that you yourself might sometimes commit the FAE when you explain someone's behavior
Determining the entrepreneurship skills : Assume that you are the dean of a business school and that you are interested in more entrepreneurship courses being offered in your school.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd