Answer:
I used an excel spreadsheet since there is not enough room here.
Explanation:
Answer:
sell off part of its inventory and or equipment
Explanation:
Debt/Equity=
Total Shareholders’ Equity /
Total Liabilities
Answer:
a. When must Janine recognize the income from the $17,360 advance payment for services if she uses the cash method of accounting?
Cash method of accounting recognizes revenues and expenses when they are received or paid for.
b. When must Janine recognize the income from the $17,360 advance payment for services if she uses the accrual method of accounting?
c. Suppose that instead of services, Janine received the payment for a security system (inventory) that she will deliver and install in year 2. When would Janine recognize the income from the advance payment for inventory sale if she uses the accrual method of accounting and she uses the deferral method for reporting income from advance payments? For financial accounting purposes, she reports the income when the inventory is delivered.
She will recognize revenue only after the merchandise is delivered.
d. Suppose that instead of services, Janine received the payment for the delivery of inventory to be delivered next year. When would Janine recognize the income from the advance payment for sale of goods if she uses the accrual method of accounting and she uses the full-inclusion method for advance payments?
Under this system, advanced payments are considered revenue on the year that they were received.
Answer: :a. Retrospectively
Explanation:
A change in depreciation method is a change in accounting policy and as such it would need to be accounted for retrospectively.
This means that it must be accounted for by going back to all periods where the change affects an entry and adjusting that entry for the change so that the accounting can be more accurate.
The replacement period ends on December 31,2023 based on the information given about the insurance.
<h3>How to explain the information?</h3>
It should be noted that the replacement period is the period beginning and ending the reimbursement of an equipment.
It should be noted that the replacement will begin on the date when the equipment was stolen. In this case, it will then end two years after the close of the first tax year where the part of gain is realized.
Therefore, the replacement period ends on December 31,2023
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Options
A) September 30, 2023
B) December 31, 2023
C) December 31, 2022
D) December 31, 2021