Howie, Price, and Liu operate an accounting firm. In March, their staff worked a total of 1,000
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Howie, Price, and Liu operate an accounting firm. In March, their staff worked a total of 1,000 hours at an average billing rate of $250 per hour. They sent bills to clients in the month of March that totaled $150,000. They expect to bill the balance of their time in April. The firm’s salary costs total $75,000 each month. How much revenue should the firm recognize in the month of March assuming the firm uses the earnings approach to revenue recognition? How much salaries expense should it recognize?
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Related Book For
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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