Final answer:
True or False statements about specific transactions require verification from company records. For business transactions like the one described, companies record sales on credit as receivables. To calculate a firm's accounting profit, you subtract the total expenses from the sales revenue; in the example, the profit would be $50,000.
Step-by-step explanation:
To ascertain whether the statement about Miller, Inc. recording a receivable of ₩25,000,000,000 on October 1, 2022, is true or false, we need more context or confirmation from the company's transaction records. However, I can address the concept of receivables and provide an example of how businesses record such transactions.
When a company like Miller, Inc. sells merchandise to another company, such as Jong Ltd., on credit, Miller, Inc. would record the amount of the sale as a receivable. This is because Jong Ltd. owes Miller, Inc. money for the merchandise. The transaction would typically be recorded in the accounting period when the sale takes place. Therefore, if Miller, Inc. did indeed sell merchandise to Jong Ltd. on October 1, 2022, then recording a receivable of ₩25,000,000,000 on that date would be the standard accounting practice.
Regarding the self-check questions provided: A firm's accounting profit is calculated by subtracting all expenses from the sales revenue. In the example given, the firm's accounting profit would be calculated as follows: $1,000,000 (sales revenue) - $600,000 (labor) - $150,000 (capital) - $200,000 (materials) = $50,000.