The revenue recognition principle states that: Multiple Choice Revenue should be recognized in the period goods and services are provided. Revenue should be recognized in the period the cash is received. Revenue should be recognized in the balance sheet. Revenue is a component of common stock.

Answer:

Revenue should be recognized in the period goods and services are provided.

Explanation:

IFRS 15 requires revenue to be recognized when control of goods or services has been made to the customer. Control is when all the risks and benefits associated with the product or service has been transferred to the customer.

Kirkwood acquires 100 percent of the outstanding voting shares of Soufflot Company on January 1, 2018. To obtain these shares, Kirkwood pays $400 cash (in thousands) and issues 10,000 shares of $20 par value common stock on this date. Kirkwood's stock had a fair value of $36 per share on that date. Kirkwood also pays $15 (in thousands) to a local investment firm for arranging the acquisition. An additional $10 (in thousands) was paid by Kirkwood in stock issuance costs.

The book values for both Kirkwood and Souflout as of January 1, 2018 follow. The fair value of each of Kirkwood and Soufflot accounts is also included. In addition, Soufflot holds a fully amortized trademark that still retains a $40 (in thousands) value. The figures below are in thousands. Any related question also is in thousands.


Kirkwood Inc Book Value Fair Value
Cash 900 80 80
Receivables 480 180 160
Inventory 660 260 300
Land 300 120 130
Buildings (net) 1,200 220 280
Equipment 360 100 75
Accounts payable 480 60 60
Long-term liabilities 1,140 340 300
Common stock 1,000 80
Additional paid-in capital 200 0
Retained earnings 1,080 480


Required:
What amount will be reported for consolidated cash after the acquisition is completed?

Westerville Company accumulates the following data concerning a mixed cost, using units produced as the activity level.


Units Produced Total Cost

March 10,029 $16,724
April 8,765 15,312
May 10,480 17,492
June 8,600 14,860
July 9,293 15,781

Required:
a. Compute the variable cost per unit using the high-low method.
b. Compute the fixed cost elements using the high-low method.
c. Estimate the total cost if the company produces 8,170 units.

Promises Made in Consideration of Marriage. After twenty-nine years of marriage, Robert and Mary Lou Tuttle were divorced. They admitted in court that before they were married, they had signed a prenuptial agreement. They both acknowledged that the agreement had stated that each would keep his or her own property and anything derived from that property. Robert came into the marriage owning farmland, while Mary Lou owned no real estate. During the marriage, ten different parcels of land, totaling about six hundred acres, were acquired, and two corporations, Tuttle Grain, Inc., and Tuttle Farms, Inc., were formed. A copy of the prenuptial agreement could not be found.

Required:
Can the court enforce the agreement without a writing? Why or why not?

The company's mission statement tells us...

Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
A. The equipment was purchased on account for $25,000. Credit terms were 2/10, n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts.
B. Connors gave the seller a noninterest-bearing note. The note required payment of $27,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of money in this situation.
C. Connors traded in old equipment that had a book value of $6,000 (original cost of $14,000 and accumulated depreciation of $8,000) and paid cash of $22,000. The old equipment had a fair value of $2,500 on the date of the exchange. The exchange has commercial substance.
D. Connors issued 1,000 shares of its nopar common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $24,000 in cash.
Required:
For each of the above situations, prepare the journal entry required to record the acquisition of the equipment.

Money is to an economy what language is to communication. What does this statement mean?

If the cross-price elasticity of demand between Good A and Good B is 3, the price of Good B increases, and the price elasticity of demand for Good B is inelastic, we can expect to see a(n) ________ change in the quantity demanded for Good A. Group of answer choices

You call a coworker to see if they can come help you solve a problem
​

On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $25,000 on each December 31 beginning on December 31, 2021, and a lump-sum payment of $150,000 on December 31, 2025. A 10% interest rate properly reflects the time value of money in this situation.

Required:
Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchased on January 1, 2021.

Leonard, a company that manufactures explosionproof motors, is considering two alternatives for expanding its international export capacity. Option 1 requires equipment purchases of $900,000 now and $560,000 two years from now, with annual M&O costs of $79,000 in years 1 through 10. Option 2 involves subcontracting some of the production at costs of $280,000 per year beginning now through the end of year 10. Neither option will have a significant salvage value.

Required:
Use a present worth analysis to determine which option is more attractive at the company’s MARR of 20% per year. (Note: Check out the spreadsheet exercises for new options that Leonard has been offered recently.)

coomer co had net sales of 600000 net income of 35260 and average total assets of 680000 what is the return on total assets

Match the qualitative characteristics below with the following statements.1. Timeliness2. Completeness3. Free from error4. Understandability5. Faithful representation6. Relevance7. Neutrality8. Confirmatory valuea. Quality of information that assures users that information represents the economic phenomena that it purports to represent.b. Information about an economic phenomenon that corrects past or present expectations based on previous evaluations.c. The extent to which information is accurate in representing the economic substance of a transaction.d. Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent.e. Quality of information that allows users to comprehend its meaning.

Eduardo has been reading about the use of drone technology in recent military conflicts and is not quite sure what to think. On the one hand, the use of drones means that military missions can be executed without putting American lives at risk. On the other hand, this very fact means that our political leaders might be quicker to resort to military solutions when other solutions might be available. Eduardo is also concerned about other effects of fully mechanized battle operations. For instance, unlike a human soldier, a drone can neither hear nor sympathize with a mother pleading for the life of her innocent child. Eduardo has decided to research the topic of military drones in more detail and write an essay in which he decides whether the use of drone technology is a positive or negative development in the history of American military action. Which type of argument will Eduardo be making?

a. Argument of fact
b. Argument of definition
c. Argument of evaluation
d. Policy argument

Which are possible employers in the Financial career cluster? Check ALL that apply.

A. private company
B. government
C. nonprofit organization
D. bank
E. stock market

Brazil has a population of about 210​ million, with about 150 million over the age of 15. Of​ these, an estimated 25​ percent, or 37.5 million​ people, are functionally illiterate. The typical literate individual reads only about two nonacademic books per​ year, which is less than half the number read by the typical literate U.S. or European resident. Answer the following questions solely from the perspective of new growth​ theory:
Which of the following best explains the implications of​ Brazil's literacy and reading rates for its growth prospects in light of the key tenets of new growth theory.
A. Since economic growth is driven by international trade in technology and​ capital, if Brazil opens its​ borders, its literacy and reading rates will improve as the country experiences economic growth.
B. Since the development of human capital is an important determinant of economic​ growth, Brazil's literacy and reading rates suggests its potential economic growth rate is lower.
C. Since it has been demonstrated that technological advancement and not human capital is the key determinant of economic​ growth, Brazil's literacy and reading rates should not affect its potential economic growth rate.
D. Since technologically advanced physical capital is necessary for economic​ growth, Brazil's literacy and reading rates suggests its economic growth rate will be lower because there are not enough skilled workers to operate sophisticated machinery.

Product Director: We need to pick the best manager for the Prensabi software project. The project involves the latest technology and is very complicated. For example, this project uses a technology called Stage, which is a motion-capture technique that does not require actors to wear specialized gear to record their movements. Since this is a technical project that requires strong technical skills, we should pick the manager with the strongest technical skills. Executive: The manager needs some familiarity with the technology, but he or she won't actually be writing the software code. The bigger challenge here is to analyze the goals of the project and make sure that it is being developed according to a strong overall vision. That's why we should insist that the manager has outstanding conceptual skills. Which of the following, if true, weakens the product director's argument?
a) The project manager with the weakest technical skills also has the weakest human skills
b) The Prensabi project is so large that the project manager for the Prensab project will be unable to take on any other projects until the Prensabi project is inished.
c) The requirements of the Prensabi project are highly unusual.
d) The project manager with the strongest technical skills has no experience with
e) The project manager with the strongest conceptual skills has the weakest technical skills.

Global strategic planning is a primary function of a company's managers, and the process of strategic planning provides a formal structure for undertaking this process. Companies are confronting a set of environmental forces that are increasingly complex, global, and subject to rapid change. In response, many international firms have found it necessary to institute formal global strategic planning to provide a means for top management to identify opportunities and threats from all over the world.

Required:
Formulate strategies to handle them, and stipulate how to finance and manage the implementation of these strategies?

Which of the following is not a true statement about filing bankruptcy? a. Bankruptcy erases all of your debt. b. It is possible to rebuild your credit after filing bankruptcy. There are exemptions that alloW you to keep essentials. d. Bankruptcy stops aggressive action by creditors ​

Read the following sentences, and identify the error.

a. Paolo recruited job applicants for the company that showed promise.

The error in this sentence is a:_________ .

b. We will be visiting our accounts in California, Oregon, and visiting our accounts in Washington.

The error in this sentence is a:________ .

Before you decide whether to use passive or active voice, you should consider the purpose of your message and the nature of the situation. Read the scenario, and then fill in the blanks.

You work for a printing company, and you realize that your colleague sent incorrect price quotes to a client. You begin to write an e-mail to the client to apologize for the mistake. You want to remedy the situation without criticizing your colleague. The sentence excerpted from the e-mail uses ______________ voice. Given the purpose of your message, this voice ___________ appropriate.

Alpha Inc. has receivables from unrelated parties with a face value of $5,000. It transfers these receivables to bank for $4,500, without recourse. It will continue to collect the receivables, depositing them in a non-interest-bearing bank account with the cash flows remitted to the bank at the end of each month. It is not allowed to sell or pledge the receivables to anyone else and is under no obligation to repurchase the receivables from bank. Which of the following is the appropriate treatment for these Accounts receivables?
A) It should show these receivables in its Balance Sheet.
B) It should amortize these receivables.
C) It should derecognize these receivables.
D) It should derecognize these receivables if it retains the interest earned on these.

Chance company had two operating divisions, one manufacturing farm equipment and other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on Sept. 1, 2016, the company adopted a plan to sell the assets of the division.
The actual sale was completed on Dec. 15, 2016, at the price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. The division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through Dec. 15. The income tax rate is 40%. Chances after-tax income from its continuing operations is $350,000.
Required:
Prepare an income statement for 2016 beginning with income from continuing operations. Include appropriate EPS disclosures assuming that 100,000 shares of common stock were outstanding throughout the year.

Appendix 1: Gross and net methods for sales discounts
The following were selected from among the transactions completed by Strong Retail Group during August of the current year:
Aug. 5. Sold merchandise on account to M. Quinn, $7,500, terms 2/10, n/30. The
cost of the merchandise sold was $4,200.
9. Sold merchandise on account to R. Busch., $4,000, terms 1/10, n/30. The
cost of the merchandise sold was $2,100.
15. Received payment on account for the sale of August 5 less the discount.
20. Sold merchandise on account to S. Mooney, $6,000, terms n/eom. The
cost of the merchandise sold was $3,300.
25. Received payment on account for the sale of August 9. 31.Received
payment on account for the sale of August 20.
A. Journalize the August transactions using the gross method of recording sales discounts.
Aug. 5 Accounts Receivable-M. Quinn 7,500
Sales 7,500
Cost of Goods Sold 4,200
Inventory 4,200
Accounts Receivable-R. Busch 4,000
Sales 4,000
Cost of Goods Sold 2,100
B. Journalize the August transactions using the net method of recording sales discounts.

when the fed acts as a lender of last resort like it did in the financial crisis of 2007, it is performing its role of

Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating that it was the final offer, it was valid for one month, and that he would not alter it. Two days later, Kent replied by saying that he was willing to pay $60,000 for the farm. A week after Luke received Kent's offer, Luke declined it. Ten days after that, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke's favor?

a. Luke's original offer of $75,000 is still valid, even though rejected.
b. Kent acted in an incompetent manner with regards to the offer.
c. Kent's acceptance was past the set time period in the offer.
d. Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid.

What cycle time (in minutes) would match capacity and demand if demand is 100 units per day, there are two 8 hour shifts with 3 worker(s) each, and each worker gets two 18 minute breaks and one 40 lunch.

Prepare an answer sheet with the column headings that follow. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category.
Assest Liaabilities Net income

a. Recorded $200 Accumulated Depreciation

of depreciation Depreciation Expense

expense. -200 -200

a. Recorded $200 of depreciation expense.
b. Sold land that had originally cost $9,000 for $12,000 in cash.
c. Acquired a new machine under a financing lease.
d. The present value of future lease payments, discounted at 11%, was $11,000. Recorded the first annual payment of $2,500 for the leased machine (in part c).
e. Recorded a $6,600 payment for the cost of developing and registering a trademark. Recognized periodic amortization for the trademark (in part e) using a 40-year useful life. Sold used production equipment for $16,000 in cash.
f. The equipment originally cost $44,000, and the accumulated depreciation account has an unadjusted balance of $23,400.
g. It was determined that a $1,300 year-to-date depreciation entry must be recorded before the sale transaction can be recorded. Record the adjustment and the sale.

I WILL GIVE BRAINLIEST

Lean and Six Sigma models contradict one another,
True
False

Department Alpha had no beginning inventory. The department added direct materials costing $55,040 and conversion costs of $88,660 during the month of July. Materials are added at the beginning of the process and conversion costs are added evenly throughout the process in this department. During the month, 40,000 units were completed. At the end of July, 3,000 units remained which were 10% complete with respect to conversion costs. What is the correct cost per equivalent unit for materials for July?

Which of these is a way that politicians in the United States attempt to influence the media?

Triec, Inc., is a small electrical contracting company in Springfield, Ohio, owned by its executives Yeazell, Jones, and Heaton. Employees contacted the International Brotherhood of Electrical Workers, which began an organizing drive, and 6 of the 11 employees in the bargaining unit signed authorization cards. The company declined to recognize the union, which petitioned the NLRB to schedule an election. The company then granted several new benefits for all workers, including higher wages, paid vacations, and other measures. When the election was held, only 2 of the 11 bargaining unit members voted for the union. Did the company violate the NLRA?