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Amador Pizza Company produces high-quality pizzas that are distributed to shops in resort areas. On July 1, the company purchased the raw materials to make the pizza. On July 15, the process was complete, and the product was stored in their containers ready to ship to customers. On July 31, Romano’s Pizzas ordered 100 boxes of pizzas. On August 1, Amador Pizza delivered the pizzas to Romano’s . Romano paid Amador on August 10. Romano’s sold all the pizza between August 5 and August 12.   If it uses cash‐basis accounting, when will Amador record the revenue from the sale to Romano? a. August 1 b. July 31 c. July 1 d. August 10

Amador Pizza Company produces high-quality pizzas that are distributed to shops in resort areas. On July 1, the company purchased the raw materials to make the pizza. On July 15, the process was complete, and the product was stored in their containers ready to ship to customers. On July 31, Romano’s Pizzas ordered 100 boxes of pizzas. On August 1, Amador Pizza delivered the pizzas to Romano’s . Romano paid Amador on August 10. Romano’s sold all the pizza between August 5 and August 12.   If it uses cash‐basis accounting, when will Amador record the revenue from the sale to Romano? a. August 1 b. July 31 c. July 1 d. August 10

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Amador Pizza Company produces high-quality pizzas that are distributed to shops in resort areas. On July 1, the company purchased the raw materials to make the pizza. On July 15, the process was complete, and the product was stored in their containers ready to ship to customers. On July 31, Romano’s Pizzas ordered 100 boxes of pizzas. On August 1, Amador Pizza delivered the pizzas to Romano’s . Romano paid Amador on August 10. Romano’s sold all the pizza between August 5 and August 12.

 

If it uses cash‐basis accounting, when will Amador record the revenue from the sale to Romano?

a. August 1

b. July 31

c. July 1

d. August 10

 

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