For Each Situation, State the Correct Revenue or Expense Amount

question 57

Essay

For each situation, state the correct revenue or expense amount to record each year following the revenue/ expenses recognition criteria.
1. Revenue earned in 2014 will be collected in 2015 in the amount of $22,500.
2. Received bills in 2015 for $16,300 for expenses incurred in 2014.
3. Consulting services performed in 2014 for $35,000. However client only paid $2,000 in 2014 and will pay the remainder in 2015.
4. Purchased supplies for $13,000 for a job to be started on in 2015.
5. Purchased supplies for $2,300 for a job that was completed in 2014.
6. Advance payment of $88,000 received in 2014 for a contract to be completed equally in 2015 and 2016.
7. Purchased supplies for $40,000 in 2015 for a new contract that will begin in 2016.

Understand Deming's 14 points for a successful workplace and identify methods to improve quality.

Grasp the philosophy behind the quality movement and its emphasis on employee involvement and problem-solving.

Realize the significance of effective communication strategies in empowered and high-performance workplaces.

Understand the historical impact and conclusions drawn from the Hawthorne studies.

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Definitions:

Genetic Contribution

Genetic contribution refers to the influence that an individual's genes have on the development of traits or diseases.

Rhythmicity

The quality or state of being rhythmic; the regular recurrence of actions or processes in time.

N-Sleep

A stage of sleep characterized by non-rapid eye movement (NREM) where the body repairs and regrows tissues, builds bone and muscle, and strengthens the immune system.

Brainstem

Central structure of the brain (including the hindbrain, midbrain, thalamus, and hypothalamus) that is responsible for most life-sustaining, unconscious behavior.