How to calculate revenue?
Q: Accounting for revenues and expenses - give examples
A: The answer is provided as follows:
Q: Which of the following is an input method for recognizing revenue over time?
A: Cost to Cost Method While recognizing the revenue in the contract work there are different method…
Q: What is accrual accounting and how does it work?
A: Accrual accounting is a system of accounting wherein: Revenues are recognized as and when they are…
Q: Explain the income & expenditure and Receipts & payment? Draw the format with example? What is the…
A: Income and Expenditure Account: Its a summary of all incomes and expenditures of current accounting…
Q: Which of the following best describes revenue?
A: In simple accounting term revenue is the amount which company earn by selling goods or providing…
Q: How to determine the timing and measurement of revenue.
A: Revenue recognition principle is the principle that determines when and how much amount should be…
Q: how to compare between prepaid expenses and unearned revenue?
A: The adjustment for deferred items are made at the end of the year.
Q: Mention the key features of the Income and Expenditure Account.
A: Lets understand the basics. Income and expenditure account is a account prepared for non trading…
Q: what are the concepts of revenue recognition?
A: Definition: Revenue recognition principle: Revenue recognition principle states that every…
Q: Discuss the fundamental concepts related to revenue recognition and measurement.
A: Revenue Recognition: Revenue recognition is a Generally accepted accounting principle that tells…
Q: What is the revenue project?
A: Revenue refers to the income generated by the company by performing certain operations or business…
Q: Define the term revenue recognition.
A: Accounting principle: These are the guidelines which are to be applied while preparing the…
Q: What is the criteria to recognize revenue?
A: Introduction: Taxes, customs charges, earnings from state-owned firms, capital revenues, and foreign…
Q: When is Profit and Loss Account made? Why?
A: Profit and loss account: profit and loss account also called an income statement. Every business…
Q: What is the revenue recognition principle?
A:
Q: Describe the Fundamental Issues Related to Recognizing Revenue.
A: Revenue Recognition: Revenue recognition refers to the principle which tells about the conditions…
Q: Which type of revenue activity is correctly matched with the revenue recognition method?
A: The question is related with the revenue activity is correctly matched with the revenue recognition…
Q: Explain what is meant by the phrase matched with revenues
A: The term matched with revenues means to recognize expenses in the same period as the related…
Q: State the meaning of Income and Expenditure Account.
A: Accounting: It refers to the process of recording the financial transactions of an organization…
Q: When should DJD recognize revenue
A: The revenues in these type of contracts are based on two types of contracts. 1. Revenues under…
Q: Understand the fundamental concepts related to revenue recognition and measurement.
A: Revenue Recognition: Revenue recognition is a Generally accepted accounting principle that tells…
Q: What is an accrued revenue? Provide an example.
A: Revenue refers to the income that is received by a business from its business operations and…
Q: Briefly explain the relationship between assets, liabilities, and revenue.
A: Assets is the tangible or Intangible factor in the business, which can be valued in terms of money…
Q: What function does the receiving department serve in the revenue cycle?
A:
Q: describe, calculate, and interpret comprehensive income;
A: The income statement is considered an important financial statement as it helps in order to get the…
Q: What is Physical Systems of Revenue Cycle?
A: Revenue cycle Revenue cycle are divided into two a. physical phase…
Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.
A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.
Q: Explain the Criteria for Recognizing Revenue over Time.
A:
Q: Describe presentation and disclosure regarding revenue.
A: The core principle of IFRS 15 is that revenue is recognised when the goods or services are…
Q: What is revenue?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: What is Revenue Recognition?
A: The income statement is the one of the financial statements of the business.
Q: Classify Revenue or capital expenditure?
A: Introduction: Revenue Expenditure: Its a Recurring expenditure. Expenditure spent with in 12 months…
Q: What are the revenue credits? Give an example?
A: Meaning of Revenue Credit:Revenue Credit refers to the payments received in advance for services…
Q: How does accrued but uncollected revenue affect the bal-ance sheet?
A: Accrued revenue: It can be defined as the revenue that has already been earned by the business but…
Q: Define Revenue
A: The revenue is reported on the income statement of the company, and it is used to derive the net…
Q: Explain the function of the receiving department in the revenue cycle.
A:
Q: Discuss the major principle that describes recording revenues.
A: We have many accounting principles that will guide accountants in recording and reporting financial…
Q: What are the two most often used ways of accounting for revenue from by-products?
A: When the manufacturing entity is engaged in manufacturing the main product which is the main source…
Q: Service revenue belongs on which financial statement?
A: Service revenue is in the nature of Revenues account. Therefore, the Balance of Service revenues…
Q: What is the basic sequence of activities and accounting in a revenue and collection cycle?
A: Revenue Collection Cycle: A collection cycle is a process that begins when a customer approaches…
How to calculate revenue?
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- A elearn.squ.eu Comp Time left 0:25:14 XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec Jan 2020 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR OMR 15,000 18,000 Finished Goods OMR 30,000 OMR Inventory 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR 80,000 Indirect materials OMRBennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360 days in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank. Question Content Area a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. Transaction Account Debit Credit 1. 2. Feedback Area Feedback Question Content Area b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. Transaction Account Debit Credit 1. 2.PA3. 12.2 Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.
- MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIOn: 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. . 3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL8) Mohsen Steel Ltd maintains its stores ledger on the FIFO. Following is a summary of the receipts and issues of raw materials during the month of May 2019: May 2019 01 Opening balance 300 units @ Rs. 15 per unit Material issue , 100 units. Material purchase, 400 units @ 25 per unit. Material issues, 500 units. Material requested form suppliers , 300 units Material purchase 200 units @ 29 per unit. Material issues , 150 units. Material purchase, 170 units @ 33 per unit. Material issue, 200 units. Material in hand 100 units. 06 08 13 15 22 25 27 29 31 Requirements: 1. Calculate Cost of goods issues? 2. Calculate Value of closing stock?Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit $ 28 Date Transactions Units Total Cost Beginning inventory January 1 Аpril 14 August 22 October 29 $1,036 2,040 3,776 37 Purchase 68 30 Purchase 118 32 Purchase 83 34 2,822 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 2. What amount would Sylvester calculate for ending inventory and cost of…
- MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS... 1)Merchandise acquired cost is 114.000 +10 % VAT. Freight In was 6.000 TL +10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2) Machinary is purchased for 326.000 TL + %10 VAT, Note is endorced for purchase . Transportation and Installations invoice is 94.000 TL + %10 VAT half paid by check balance is on account. 3) Merchandise sold for 64.000 USD (rate 7.05 TL/ USD) + 10% VAT received note for sale. VAT paid cash. Cost of good Sold is 235.000 TL 4) Bank Credit Memorandum states that , 95.000 TL issued check is collected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for 384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid (cash) by the customer for USD Merchandise sale. Rate is 7.15 TL/USD. 7) Customer transferred 85 .000 TL to the Bank, to close the open account 8) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .…Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Date Transactions Units Unit Total Cost Beginning inventory Purchase $1,036 2,040 $ 28 January 1 April 14 37 68 30 August 22 October 29 Purchase 118 32 3,776 Purchase 83 34 2,822 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 4. Assuming that ending inventory is correctly counted at the end of 2022,…MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS…1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check.2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. .3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank.5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued,6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.7) Customer transferred 85 .000 TL to the Bank, to close the openaccount8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer…
- MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS…1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check.2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. .3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank.5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued,6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.7) Customer transferred 85 .000 TL to the Bank, to close the openaccount8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer…Directions: Show complete solutions. Take a picture of your solutions and paste in word. Submit the word file version to my email no later than 10:30am today. Thanks. Problem 1: Quarry Company, a manufacturer of small tools, provided the following information for the year ended December 31, 2020. Inventory at December 31, based on physical count – P1,750,000 Accounts payable at December 31 – P1,200,000 Net sales – P8,500,000 Additional information: Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2020. These tools had a cost of P28,000 and were billed at P35,000. The shipment was in loading dock waiting to be picked up by the common carrier. Goods in transit from a vendor to Quarry Company on December 31, 2020. The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29, 2020. Work in Process inventory costing P20,000 was sent to an outside processor for plating on December 30, 2020. Tools returned by…Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit Date Transactions Units Total Cost Beginning inventory Purchase $ 28 $1,036 January 1 April 14 August 22 October 29 37 2,040 3,776 2,822 68 30 Purchase Purchase 118 32 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 3. What effect will the inventory error have on and (d) net income (ignoring…