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finance Beth Rader purchased North Shore Health Club in June 2019. Beth wanted to increase the size of the business by selling 5-year memberships for $2,000, payable at the beginning of the membership period. The normal yearly membership fee is$500. Since few prospective members were expected to have $2,000, Beth arranged for a local bank to provide a$2,000 installment loan to prospective members. By the end of 2019, 250 customers had purchased the 5-year memberships using the loan provided by the bank. Beth prepared her income statement for 2019 and included $500,000 as revenue because the club had collected the entire amount in cash. Beth’s accountant objected to the inclusion of the entire$500,000. The accountant argued that the $500,000 should be recognized as revenue as the club provides services for these members during the membership period. Beth countered with a quotation from a part of ‘‘Generally Accepted Accounting Principles,’’ *Accounting Research* *Bulletin 43, Chapter 1, Section A, No. 1:* *‘‘Profit is deemed to be realized when a sale in the ordinary course of business is effected, unless* *the circumstances are such that collection of the sale price is not reasonably assured.’’* Beth notes that the memberships have been sold and that collection of the selling price has occurred. Therefore, she argues that all$500,000 is revenue in 2019. **Required:** Write a short statement supporting either Beth or the accountant in this dispute. Verified answer Recommended textbook solutions
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Terms in this set (11)Much of the focus in young adulthood appears to be on __________. a Which of the following statements concerning marital satisfaction is not
correct? d Individuals in young adulthood often contemplate contradictory ideas more than in adolescence. t Parental conflicts with adolescents mostly occur over major issues, such as drugs. f During the mid-late 30's, there is a stronger focus on a What normally defines a traditional family no longer represents the diversity of family life in the United States. t The percentage of childless married couples has doubled since the 1960s. t Which of
the following statements concerning parenthood is not correct? c Which of the following does not apply to the role of young adulthood? a Difficulties often arise in a marriage when __________. a Parental conflicts with adolescents appear to negatively impact the parent more than the teenager. t Students also viewedChapter 923 terms lisielou4 Adulthood12 terms chelseabailey19 Psych chapter 1056 terms dawnroth Soc. Psych Ch. 14:Health and Well-Being55 terms Lethal_Lambda Other sets by this creatorCumulative Exam review26 terms Mary_fairy18 topic test review:)2 terms Mary_fairy18 Prejudice vocab, practice, and quiz28 terms Mary_fairy18 Group behavior vocabulary, practice, and quiz34 terms Mary_fairy18 Other Quizlet setswhite test29 terms amandakruml1 exam 4 final bio 205 study guide67 terms gracie_shivelyPlus Chapter 10. Risk and Return: Lessons from Market H…62 terms erika_cortes82 Theology Questions Final 245 terms sophiavirgillito What best describes marital satisfaction as a function of having children?What best describes the trajectory of marital satisfaction as a function of having children? Satisfaction declines following the birth of children. The homosocial perspective claims that women's friendships allow for more intimacy than men's friendships.
Does marital satisfaction tends to increase following the birth of a child?After having a baby, 67 percent of couples see their marital satisfaction plummet, according to research presented at APA's 2011 Annual Convention by John Gottman, PhD, and published in the Journal of Family Psychology (Vol. 14, No. 1).
What is the association between marital satisfaction and number of children?In contrast to almost all previous findings, we found a positive relationship between the number of children and marital satisfaction among parents. Number of children was the strongest predictor of marital satisfaction even when compared to other variables like wealth and education.
Which of the following are factors related to marital satisfaction quizlet?What are the factors that best predict marital satisfaction? Realistic expectations, shared interests, shared roles and responsibilities, and shared power.
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Which statement concerning marital satisfaction and having children is true quizlet?
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