Acustomer purchased a $2,500 package of spa services on december 1st, 2022. the customer can use the spa from december 1st, 2022 through february 28th, 2023. using the accrual basis of accounting, and assuming the spa uses a calendar year as its fiscal year, the spa should recognize in revenue on its december 31st, 2022 financial statements.

$833

Explanation:

As per accrual basis of accounting, an income is recognized when it is earned and not when cash is received for it.

In the given case, customer purchased a service for 3 months.

The position as on 31st Dec is that only one third i.e 1 month of services out of 3 months has been provided and 2 months of services is due which is yet to be provided against the collective cash received.

Hence, the spa should recognize 2500/3 i.e $833 in revenue on it's December 31st, 2022 financial statements.

total product

Explanation:

The Gross Domestic Product (GDP) is the value of all the goods and services that have been produced by a particular country in a particular period, usually a year. This means that the Gross Domestic Product represents the total product of a country in a year. It is a very good indicator about the economy of a country, how strong it is, how it develops, in which direction does it move. We can not take it as a sole measure about the economic situation in the country and the standard of living, because the country might have a very large GDP, but it may also have very large population, so the standard of living might not be high as we would expect, with China being a perfect example of this.