1. In December of this year, Chavez Landscaping received a customer's order and cash prepayment to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. In December of this year, Chavez Landscaping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year. 2. If $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000. 3. Mike Derr owns both Sailing Passions and Dockside Digs. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 In December of this year, Chavez Landscaping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year. Identify which accounting principle or assumption best describes the above practice 1. In December of this year, Chavez Landscaping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year. 2. If $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000. 3. Mike Derr owns both Sailing Passions and Dockside Digs. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 In December of this year, Chavez Landscaping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year. Identify which accounting principle or assumption best describes the above practice
Expert Answer:
Answer rating: 100% (QA)
a The sod was placed in March As per the revenue rec... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
Students also viewed these accounting questions
-
Of the following methods, the one that would not be appropriate for analyzing how a specific cost behaves is A. The scatter graph method. B. The industrial engineering approach. C. Linear...
-
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute gross profit for each department. Department Gross Profit Skis Snowboards < Required 1 Required 2 >
-
Complete this question by entering your answers in the tabs below. Required Required Required Required 1 2 4 Complete the new performance report for the quarter, based on Flexible Budget Performance...
-
In this photo, Ramu is eating raw meat. What do Ramus behaviors suggest about how we develop self-concepts? Would you define Ramu as a human or a wolf?
-
This short problem is a continuation of SP 5-3. Using database software (e. g., Access) and the database tables implemented in SP 5-3, run a query identifying customers by name and the inventory...
-
A series of anions is shown below: The anion on the far right is called BARF by chemists, as its common abbreviation sounds similar to this word. (a) What is the central atom and the number of...
-
In connection with his examination of the financial statements of Belasco Chemicals, Inc., Kenneth Mack, CPA, is considering the necessity of inspecting marketable securities on the balance sheet...
-
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2014, the end of the current year, the accountant for Good Note Company...
-
Discuss what police services do in the meantime when they encounter suspects engaging in behaviours that would have been illegal under the former legislation (that has not been declared...
-
The firm is considering either leasing or buying new $19,000 equipment. The lessor will charge $12,000 a year for a two-year lease. The equipment has a two-year life after which time it is expected...
-
How do diasporic communities negotiate identity formation and belonging across transnational spaces, and how does this impact cultural hybridity and diasporic consciousness ?
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. Preexisting duty refers to existing debts that must be paid.
-
A classifi cation of serious crimes such as murder or arson. a. arson b. bribery c. burglary d. extortion e. felony f. forgery g. misdemeanor h. perjury i. robbery j. white-collar crime
-
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn. In a contract between a minor and an adult, the adult must perform his or her part of the...
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. A contract in which consideration is based on a promise that is impossible to fulfi ll...
-
Stotts was employed as a technician in the engineering department of Raytron Corporation. All the engineers on staff were required to sign agreements that they would not accept employment with...
-
Buyer seeks a proposal from Company A for a new procurement effort. Price is important, but not Buyer's primary selection criteria. Buyer expects a submission containing technical and pricing...
-
Annual dividends of ATTA Corp grew from $0.96 in 2005 to $1.76 in 2017. What was the annual growth rate?
-
S. Davis, a graphic artist, opened a studio for her professional practice on August 1. The account headings are presented below. Transactions completed during the month follow. a. Davis deposited $...
-
Explain the consistency principle. How can the consistency principle relate to inventory costing?
-
On January 1 of this year, Nielsen Company had a credit balance of $ 1,705 in Allowance for Doubtful Accounts. During the year, Nielsen Company completed the following selected transactions: Feb. 11...
-
Explain the principle of hit-and-run entry in the context of a perfectly contestable market.
-
Is it possible for a firm or firms operating in a natural monopoly to be subject to contestability? Explain.
-
Firms like Google, Facebook, Amazon, Apple and Netflix are relatively new players in their respective markets, albeit that all are basically part of the tech industry. They can all be seen as having...
Study smarter with the SolutionInn App