For each event, determine the amount of revenue to be recorded, even if $0, in May
May
1. In May, Tom contributed $8,000 in exchange for stock in Tom's Wear, Inc.
2. In April, Tom's Wear, Inc.'s customer ordered $1,000 of t-shirts. In May, Tom's Wear delivered the t-shirts and received the cash upon delivery.
3. In April, Tom's Wear, Inc.'s customer ordered $2,000 of t-shirts. Tom's Wear delivered the t-shirts in May and received $2,000 in June.
4. In April, Tom's Wear received $3,000 cash in advance for t-shirts. $2,500 of the t-shirts were delivered on May 1. The remaining $500 of t-shirts were delivered on June l.
1. $0; 2. $1,000; 3. $2,000; 4. $2,500
You might also like to view...
The practice of charging spectators at golf events began at fund-raisers by top male and female golfers to benefit the Red Cross during World War I.
A. True B. False
When a principal accepts an offer presented by a licensee and agrees to pay a commission, even though no agency has been approved agency is created by:
a. estoppel b. ratification c. law d. tradion