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Service revenue earned on account
Metro performed courier deliverance services for a customer who agreed to pay USD 900 at a later date. The company approved credit rather than requiring the customer to pay cash immediately. This is called as earning revenue on account. The transaction comprise of exchanging services for the customer's promise to pay later. This transaction is alike to the preceding transaction in that stockholders' equity retained earnings enhance because the company has earned revenues. But the transaction differs for the reason that the company has not received cash. In its place the company has received another asset an account receivable. As noted previously an account receivable is the amount unpaid from a customer for goods or services already provided. The company has a lawful right to collect from the customer in the future. Accounting makes out such claims as assets. The accounting equation counting this USD 900 item is as follows:
As part of their divorce agreement , Harry transfers to Mary, his former spouse, GM stock with a market value of 30000, Harry had $20000 invested in the stock. How does this transf
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders'
Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
State the classified balance sheet ASSETS Current Assets are cash and any other assets which are expected to be realized in cash, sold, used up or expire within one year.
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Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called
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Compensation for the uncertainties inherent in supply and demand
Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced
Q. In between FIFO and lifo which one is the correct method? The differences for the four methods take place because the company paid different prices for goods purchased. No d
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