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A wholesale bakery would recognize revenue when it has fulfilled its performance obligation, which typically occurs at the point of delivery of goods to the customer. This means the bakery has transferred control of the baked goods to the buyer, and the customer has accepted them. Additionally, revenue can only be recognized when it is probable that the economic benefits will flow to the bakery, and the amount can be reliably measured.
What else can I help you with?
Where can one get commercial bakery supplies at whole sale prices?
The WEBrestaurantstore.com is a good online store to purchase bakery supplies at wholesale prices. You can also check out your local yellow pages for brick and mortar stores that specialize in restaurant/bakery wholesale. Another good option would be to see if there are any listings on Craigslist, Ebay or even your local newspaper for bakeries that may be selling their supplies and/or equipment.
When a business entity receives payment before delivering goods what is the unearned revenue account?
In accrual-based accounting, you would not recognize revenue before delivering the goods. You would typically have a liability account for "deferred revenue."
Would you rather own a bakery or be an artist which makes paintings?
I would rather be an Artist who hangs their work on the walls of their successful bakery. ;]
Where can you compare bakery ovens to normal ovens?
A bakery supply store would be a good place to start looking at this. You would be able to see all of the bakery oven features and from there compare them to a normal oven that you have in your home.
How do accountants decide when to recognize revenue?
In typical accrual accounting - Revenue is recognized when it is earned...that could be before or after payment is received. In a simple transaction, like a purchase in a store, the income is earned at the time the sale is rung up on the cash register. If merchandise is being shipped, the terms of the invoice will dictate if the revenue is earned at time of shipment or time of receipt by the customer. In a longer term transaction, like building a building, revenue might be recognized on a percentage of completion basis - so if you estimate a building is 25% complete, you would recognize 25% of the revenue. If the transaction is more complicated, some logical method of estimation would be used. And remember the matching principal - expenses associated with a sale must be recognized at the same time as the revenue is recognized. If you are using cash basis accounting, revenue is recognized when payment is received.
Where can I buy bakery equipment?
You can buy bakery equipment online from Amazon or Culinary Depot. If you want the best quality, it would be better to find a local bakery store and buy it in person.
Do you need a GED to own a bakery?
No, but it would be useful.
Good names for a home bakery?
Ally's Sweet Treats Jolly Good Bakery Bake Shoppe KK's Bakery Brother's Bakery Lance's Bakery Bay Side Bakery Marty's a Mouthfull Cayla's Bakery Nanna's Nice Treats Cutie Pie's Bakery Novelty Treats Darn Good Bake Shop Outreageous Sweets Extravaganza a Bakery Polly Ann's Old Fashioned Bakery Fabulous Concoctions a bakery Queen's Retreat Flamboyant Treats Rance's Bakery GiGi's Bakery Super Duper Bakery Hot on the Spot Bakery Treat Travelers Honey Hole a bakery Ugly Darn Cupcakes Ike's Bakery Van's Bakery Wally's World a Bakery X-Vision Bakery You're Sweet Tooth Zebra's Cake
Distinction of income taxs from revenue?
Revenue would be income. Income taxes would be a liability.
How does production influence revenue?
Revenue is directly proportional to the production. Higher the production, more the revenue would be.
How would you recognize a mosque?
You would recognize a mosque because it has a round thing on the top.
Would service revenue be considered an asset?
Revenue is not considered an assets. Even from a double entry point of view, revenue would be a credit where as assets are debits so there no even interchangeable. If revenue was kept on the balance sheet as deferred income it would be as a liability.
