The new ASC Topic 606 for revenue recognition:
Multiple Choice:
O addresses when and how revenue should be recognized in contracts that provide both goods and services to customers.
O will require companies to recognize a net liability contract position on all new contracts; revenue will then arise from increases in the net contract position over the life of the contract.
O is more rules based than are existing standards.
O eliminates both the percentage-of-completion method and the installment sales method of revenue recognition.

Landon mars, the company bookkeeper, recorded the $10,000 purchase of land as rent expense by decreasing cash and decreasing shareholders' equity. what is the effect of this error on the accounting equation

Atax on the sellers of coffee will a. increase the price of coffee paid by buyers, increase the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. b. increase the price of coffee paid by buyers, increase the e ffective price of coffee received by sellers, and decrease the equilibrium quantity of coffee. c. increase the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and increase the equilibrium quantity of coffee. d. increa se the price of coffee paid by buyers, decrease the effective price of coffee received by sellers, and decrease the equilibrium quantity of coffee.

1. the healthy pantry bought new shelving and financed $7,300 with 36 monthly payments of $267.65 each. suppose the firm pays the loan off with 13 payments left. use the rule of 78 to find the amount of unearned interest. 2. the healthy pantry bought new shelving and financed $7,300 with 36 monthly payments of $267.65 each. suppose the firm pays the loan off with 13 payments left. use the rule of 78 to find the amount necessary to pay off the loan. ! i entered 967.82 for question 1 and 5,455.78 for question 2 and it said it was