A company entered into a 2-month contract for $50,000 on April 1. It earned $25,000 of the contract services in April and billed the customer. The company should recognize the revenue when it receives the customer’s check.

DJ’s Inc is a wholesaler that sells merchandise in large quantities. Its catalog indicates a list price of $300 per unit on a particular product and a 40% trade discount is offered for quantity purchases of 50 units or more. The cost of shipping the merchandise is $7 per unit under terms FOB shipping point. If a customer purchases 100 units of this product, what is the amount of sales revenue that DJ’s will record from this sale?

Noncash investing and financing activities may be disclosed in:

If equity is $300,000 and liabilities are $192,000, then assets equal:

At a given point in time, a business’s trial balance is a list of all of its general ledger accounts and their balances.

Which of the following is the usual final step in the accounting cycle?

The cash flows from operating activities section of an indirect method of cash flows begins with net income or loss.

A company entered into a 2-month contract for $50,000 on April 1. It earned $25,000 of the contract services in April and billed the customer. The company should recognize the revenue when it receives the customer’s check.

The cost-benefit constraint prescribes that only information with benefits of disclosure less than the costs of providing it, need be disclosed.

Which of the following accounts is not included in the calculation of a company’s ending equity?