Everwood Technologies recorded $950,000 in total sales, with $250,000 in credit sales and $40,000 in customer prepayments. Under the accrual method, how much revenue should be recognized?
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- Everwood Technologies recorded $950,000 in total sales, with $250,000 in credit sales and $40,000 in customer prepayments. Under the accrual method, how much revenue should be recognized?Provide answer the following requirements for this accounting questionCan you solve this general accounting question with the appropriate accounting analysis techniques?
- What is the gross margin on these accounting question?What is the gross margin of this general accounting question?For the fiscal year, sales were $191,350,000 and the cost of merchandise sold was $114,800,000.a. What was the amount of gross profit?b. If total operating expenses were $18,250,000, could you determine net income?c. Is Customer Refunds Payable an asset, liability, or owner’s equity account, and what is its normal balance?d. Is Estimated Returns Inventory an asset, liability, or owner’s equity account, and what is its normal balance?
- Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis: a. Credit sales to customers totalled $52,350. b. Cash sales totalled $147,850. C. Cash collections on account from customers totalled $52,350. d. Cost of goods sold during the period was $25,950. Payments made to suppliers of inventory totalled $50,900. Wages of $31,800 were paid during the year. In addition, wages of $1,800 remained unpaid at year end; there were no wages unpaid at the beginning of the year. g. Halfway through the year, a one-year insurance policy was purchased at a cost of $2,370. h. At the end of the year the company paid $2,970 for the first 3 months' rent for the upcoming year. e. f. a. b. C. d. e. f. 5.0 h. (a) on the cash basis Revenues Expenses (b) on the accrual basis Revenues ExpensesWhat are the net sales for sunbeam electronics Inc. On these general accounting question?what is the correct solution ? general accounting