Question: An invoice has been created on Jan 1 for a three - year contract. The amount is 7 2 0 , 0 0 0 .

An invoice has been created on Jan 1 for a three-year contract. The amount is 720,000. When the item was set up for revenue recognition the service duration was set for 36 and the service interval is daily. What is the rounded amount of revenue recognition recorded for the month of december (a 5 week month) assuming there are no leap years in this period?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

Continuing Payroll Project: Prevosti Farms and Sugarhouse - EERF (Static) Prevosti Farms and Sugarhouse pays its employees according to their job classification. The following employees make up...

Q:

an invoice has been created on january 1 for a three year contract. The amount is 7 2 0 , 0 0 0 . when the item was set up for revenue recognition, the service duration was set for 3 6 and the...

Q:

My Professor also noted that 1. Ending balance in inventory is $10,000 2. Item 11 should read 200,000 shares sold 3. Item 22 should read $6,000 not $3,000 +EEE 2345 World Series Inc. Statement of...

Q:

Super Bowl Inc. Statement of Financial Position As of December 31, 2018 ASSETS LIABILITIES Cash 445,000 35,000 ta000 Note Payable 6% Acc. Payable Mortgage Payable 296.000 tatal Liabilities $10,000...

Q:

Super Bowl Inc. Statement of Financial Position As of December 31, 2018 ASSETS LIABILITIES Cash 445,000 Acc. Rec. 35,000 Inventory mm 20.000 Supplies 600 Building $400,000 Acc. Depr. (7,600) 392,400...

Q:

T table also needed For item 11 200000 shares were sold and that the ending inventory is 10000 instead of 50000 for pt.18 World Series Inc. Statement of Financial Position As of December 31, 2018...

Q:

PREPARE THE: income statement statement of retained earnings balance sheet journal entries adjusted journal entries World Series Inc. Statement of Financial Position As of December 31, 2018 ASSETS...

Q:

An invoice has been created on Jan 1 for a three - year contract. The amount is 7 2 0 , 0 0 0 . When the item was set up for revenue recognition the service duration was set for 3 6 and the service...

Q:

Trying to find the Income Statement, T-Accounts, Statement of cash flows using indirect method, Statement of owners equity and the balance sheet. Project Number: T20 Ace is a local company sales...

Q:

Trying to find the ending balance sheet. Project Number: T20 Ace is a local company sales computers to schools, municipalities and also provides IT services. During the year, accounting events are...

Q:

Trying to find the statement of cash flows using the indirect method Project Number: T20 Ace is a local company sales computers to schools, municipalities and also provides IT services. During the...

Q:

Which of the following statements about the quality of income ratio is correct? A. When sales are growing, receivables and inventory normally increase faster than accounts payable so the ratio...

Q:

Refer to Table 12.12. a. If you have not done Exercise 12.47, group the bivariate data for the two variables into a contingency table. b. Determine the conditional distribution of class level within...

Q:

According to the Big 5 personality factors model, individuals low on trust are

Q:

A rigid container with a volume of 1m3 is filled with air, due to heat absorption, the pressure of the air increases from 0.1 MPa to 0.15 MPa, and the initial temperature is 20 (when pressure is...

Q:

Single selection: The adiabatic rigid closed container filled with air is equipped with an electric heating wire, if the electric heating is turned on, and the air is taken as the system, then ( )....

Q:

Q.What is meant by telecom standards and what are the main standard bodies?

Q:

Lauhl Corporation provides janitorial services to several office buildings. During April, Lauhl engaged in the following: a. On April 1, Lauhl received $88,200 from Metro Corporation to provide...

Q:

Describe the each points atleast in 5-10 lines Reasons for automation Increased productivity High cost of labour Labor shortages Interest of labour in service sector Safety High cost of raw materials...

Q:

Most companies now realize that the path to creating stakeholder value begins with which of these strategic changes? Re-envisioning the organization as focused on creating long-term customer value...

Q:

=+2. What is a brand voice? How is this important to note and develop when constructing a personal brand on social media?

Q:

=+Who are you right now, and where do you want to be?

Q:

=+How do others in your community feel about you? What consistent themes emerge?