Identify the letter for the principle or assumption from a through f in the blank space next to each numbered situation that it best explains or justifies. a. general accounting principleb. measurement (cost) principlec. business entity assumptiond. revenue recognition principlee. expense recognition (matching) principlef. going-concern . in december of this year, chavez landscaping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until march of next year. chavez should record the revenue from the customer order in march of next year, not in december of this . if $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,. mike derr owns both sailing passions and dockside digs. in preparing financial statements for dockside digs, mike makes sure that the expense transactions of sailing passions are kept separate from dockside digs's transactions and financial statements.

The following cost data relate to the manufacturing activities of chang company during the just completed year: manufacturing overhead costs incurred: indirect materials $ 15,800 indirect labor 138,000 property taxes, factory 8,800 utilities, factory 78,000 depreciation, factory 150,600 insurance, factory 10,800 total actual manufacturing overhead costs incurred $ 402,000 other costs incurred: purchases of raw materials (both direct and indirect) $ 408,000 direct labor cost $ 68,000 inventories: raw materials, beginning $ 20,800 raw materials, ending $ 30,800 work in process, beginning $ 40,800 work in process, ending $ 70,800 the company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. a total of 20,500 machine-hours were used during the year. required: 1. compute the amount of underapplied or overapplied overhead cost for the year. 2. prepare a schedule of cost of goods manufactured for the year.

Transactions on april 1 of the current year, andrea byrd established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $45,000 from personal funds. purchased office supplies on account, $2,000. received cash from fees earned for managing rental property, $8,500. paid rent on office and equipment for the month, $5,000. paid creditors on account, $1,375. billed customers for fees earned for managing rental property, $11,250. paid automobile expenses for month, $840, and miscellaneous expenses, $900. paid office salaries, $3,600. determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. withdrew cash for personal use, $2,000. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300)

Cynthia is a hospitality worker in the lodging industry who prefers to cater to small groups of people. she might want to open a