A. Byrde Co. purchased a truck. The seller asked for $11,000, but Byrde paid only $10,000...

A. Byrde Co. purchased a truck. The seller asked for $11,000, but Byrde paid only $10,000 after negotiation. The owner of Byrde Co. believes he got a great deal and the truck is really worth $15,000. What amount does Byrde record on its financial statements for the truck?

Financial statement

B. Snell Co. performs and completes services for a client in May and bills the client $1,000. In June, the client makes a partial payment of $300 cash for the services. In July, the remaining $700 cash is paid. Determine the monthly revenue recorded in May, June, and July for this service. (Leave no cells blank - be certain to enter "0" wherever required.)

	Revenue
May
June
July

Solutions

Expert Solution

a) Byrde purchase truck on $10000 so purchase cost of truck is $10000

Plant assets
Truck	10000

B) Determine the monthly revenue recorded in May, June, and July for this service. (Leave no cells blank - be certain to enter "0" wherever required.)

	Revenue
May	$1000
June	0
July	0

ekkarill92 answered 2 years ago

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