Discuss when each of the following businesses would be likely to recognise revenues: 1. A shipbuilding company.
Question:
Discuss when each of the following businesses would be likely to recognise revenues:
1. A shipbuilding company.
2. A magazine company for which yearly subscriptions are received yearly in advance and where the magazines are posted each month.
3. A coal-mining company that has a long-term contract to supply a local company at a set price.
4. A printer.
5. An installer of hot-water systems.
6. A telecommunications company that provides local and interstate calls.
7. An airline.
8. A real estate developer who constructs ‘speculative’ houses and later sells them.
9. An engineering business that receives orders for special-purpose machinery accompanied by deposits.
10. A meat pie stand at a football ground.
Step by Step Answer:
Recognizing revenue is an important aspect of accounting that determines when a business officially records income from its operations The timing of revenue recognition can vary based on the nature of ...View the full answer
Financial Accounting An Integrated Approach
ISBN: 9780170411028
7th Edition
Authors: Ken Trotman, Elizabeth Carson
Students also viewed these Business questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Discuss when each of the following types of businesses is likely to recognize revenue: a. A shoe store. b. A shipbuilding firm constructing an aircraft carrier under a government contract. c. A real...
-
KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...
-
In a test on 2000 electric bulbs, it was found that the life of a particular make was normally distributed with an average life of 2040 hos & S.D of bohos Estimate the ne of likely to burn for it...
-
The following note related to equity was reported in Wiebold, Inc.s (USA) annual report. On February 1, the Board of Directors declared a 3-for-2 share split, distributed on February 22 to...
-
Bismac Industries is a diversified company whose operations are conducted in five product lines, L, M, N, O, and P. Segmented financial information is to be included with the December 31, 2008 annual...
-
sounds coming from the north side of her three-story house. Toward the end of the second day, she examined the exterior of her house and noticed two large holes located near the roof. To inspect the...
-
The Iverson Company's next expected dividend, D1, is $2.16; its growth rate is 8 percent; and the stock now sells for $40. New stock can be sold at a price of $34.00. a. What is Iverson's percentage...
-
11. The current in a metallic conductor is plotted against voltage at two different temperatures T and T2. Which is correct :- Current 2 (1) T Voltage (2) T
-
In 2019, Flimsy Construction Ltd has recognised 38 per cent of the total expected revenue from a contract to build a house extension. The total contract price is $43,000, and Flimsy expects its costs...
-
Consider a business that sells goods on credit and generally receives cash about 30 days later. Is revenue recognition at point of sale or when cash is received likely to be more relevant to users?
-
Methylethyl ether (A) and diborane, B 2 H 6 (B), form a compound that melts congruently at 133 K. The system exhibits two eutectics, one at 25 mol per cent B and 123 K and a second at 90 mol per cent...
-
You set up a C&D debris program at your site and recycle all the cardboard, gypsum wallboard, steel, concrete and brick, and wood for a new construction project. Your dumpster count at the end of the...
-
RickCo assesses risks on financial, reputation, and regulatory dimensions. Division A defines a "high" financial risk as a 10% decline in net income and Division B defines a "high" financial risk as...
-
We all know ,there are three options presented for how ESS may be structured within the Emergency Operations Centre (EOC). 1. ESS is embedded within the Operations Section of a response; 2. ESS...
-
Forecasting Denosumab Case Analysis How would you go about forecasting the product in ? Simply describe how you would do it in general. Please describe the assumptions you would use to come up with a...
-
Match the type of partnership debt with its description. Drag and drop application. Recourse debt Recourse debt drop zone empty. Nonrecourse debt Nonrecourse debt drop zone empty. Debt that partners...
-
What mass of each of the following substances can be produced in 1.0 h with a current of 15 A? a. Co from aqueous Co 2+ c. I 2 from aqueous KI b. Hf from aqueous Hf 4+ d. Cr from molten CrO 3
-
Determine the optimal use of Applichem's plant capacity using the Solver in Excel.
-
Big Howie's Hot Dog Stand is a fast-food restaurant specializing in hot dogs and hamburgers. The store employs 8 full-time and 12 part-time workers. The store's weekly payroll averages $5,600 for all...
-
Dave's Scooters is a small manufacturer of specialty scooters. The company employs 14 production workers and four administrative persons. The following procedures are used to process the company's...
-
Dave's Scooters is a small manufacturer of specialty scooters. The company employs 14 production workers and four administrative persons. The following procedures are used to process the company's...
-
Activity 1 Response: Measure the temperature of the environment (ambient temperature), the human body (both forehead and under the tongue), and two other objects in the room. Record this information...
-
A 2.00 m rod is rotating with an oscillating angular momentum given by sin(2.00) . If a small rocket with oscillating linear momentum 10.0cos(2.00) is fired at =0.00 s , at what time will it need to...
-
6. What %A, %B, and %C are represented by the black dot in the drawing ==> ? (Figure out real number values using the lever rule and a ruler.) A C b a C B
Study smarter with the SolutionInn App