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35. Javiers Tune-Up Shop follows the revenue recognition principle.

Resolved Question:

35. Javier’s Tune-Up Shop follows the revenue recognition principle. Javier services a car on August 31. The customer picks up the vehicle on September 1 and mails the payment to Javier on September 5. Javier receives the check in the mail on September 6. When should Javier show that the revenue was earned?
a. August 31
b. August 1
c. September 5
d. September 6
Sheepskin Company had the following transactions during 2006.

• Sales of $4,500 on account
• Collected $2,000 for services to be performed in 2007
• Paid $625 cash in salaries
• Purchased airline tickets for $250 in December for a trip to take place in 2007

40. What is Sheepskin’s 2006 net income using accrual accounting?
41. What is Sheepskin’s 2006 net income using cash basis accounting?
67. Ratios are most useful in identifying...
66. Which one of the following is not a characteristic generally evaluated in ratio analysis?
a. Liquidity
b. Profitabilit
c. Marketability
d. Solvency
Submitted: 7 years ago.
Category: Homework
Expert:  Neo replied 7 years ago.

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