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2 years ago

For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31.

Business

1 answer:

Anastaziya [24]2 years ago

5 0

Answer:

Step 1) The current balance equals to $ 9000

Step 2)The current balance should equal to (9000/12 * 10) $ 7500

Step 3) the adjusting entry would be

Dec 31 Unearned Revenue $ 1500 (dr)

Revenue Earned $ 1500 (Cr)

Step 1) The current balance equals to $ 400.

Step 2) The current balance should equal $ 100

Step 3) The adjusting entry would be

Dec 31 Unearned Services Revenue $ 300 (dr)

Services Revenue Earned $ 300 (Cr)

Step 1) The current balance equals to $ 3000.

Step 2) The current balance should equal ( $ 30,000/12 *4= $ 10,000) $ 30,000- $ 10,000= $ 20,000

Step 3) The adjusting entry would be

Dec 31 Unearned Rent Revenue $ 10,000 (Dr)

Rent Revenue Earned $ 10,000 (Cr)

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The following information relates to the Cutting Department of Kittina Corporation for the month of February. Kittina uses a FIF

Alex787 [66]

Answer:

ending work in process = $42,700

Explanation:

all materials added at the beginning of the process:

beginning work in process = 18,000

units started = 160,000

ending work in process = 7,000

equivalent units for materials = 160,000 + 7,000 = 167,000

conversion costs:

beginning work in process = 18,000 x 10%, so 90% added = 16,200

units started and transferred out = 160,000 - 7,000 = 153,000 x 100% = 153,000

ending work in process = 7,000 x 40% = 2,800

equivalent units for conversion costs = 16,200 + 153,000 + 2,800 = 172,000

ending work in process = 7,000 units

100% complete for materials = 7,000 x $3.10 = $21,700

40% complete for conversion costs = 2,800 x $7.50 = $21,000

total ending work in process = $42,700

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2 years ago

A graphical representation of all organizational jobs along with the numbers of employees currently occupying those jobs and fut

vesna_86 [32]

Answer:

a. a staffing table.

Explanation:

A staffing table -

It refers to the pictorial or the graphical arrangement of the jobs in a firm , where the number of current employees working and their positions and the number of any future vacancy all are represented , is referred to as a staffing table.

It enables the people to get proper idea and information of the organisation or the company .

Hence , from the information of the question,

The correct option is a. a staffing table.

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1 year ago

Exercise 2-12 Analyzing and journalizing transactions involving receipt of cash LO P1 Following are transactions for Valdez Serv

Komok [63]

Answer:

1. Date General Journal and Explanation Debit Credit

Cash $20,000

Common Stock $20,000

(To record investment in stock)

Cash $900

Service Revenue $900

(To record revenue earned in Cash)

Cash $10,000

Unearned Service Revenue $10,000

(To record advance receipt)

Cash $3,500

Accounts receivables $3,500

(To record cash received)

Cash $5,000

Notes Payable $5,000

(To record issuance of note)

2. Question missing.

4 0

1 year ago

The manager of a chain of fast-food restaurants has noticed that the number of breakfast customers has fallen by 50 percent in t

mr Goodwill [35]

Answer:

The correct answer is letter "C": match the competitors ad campaign but with lower prices.

Explanation:

If it is confirmed that the number of breakfast customers of the fast-food chain restaurant has dropped because of its competitor's implementation of a "good-to-go" breakfast menu, the fast-food chain restaurant should strike back with a similar sale strategy for the breakfast menu but reducing the prices without falling into predatory pricing. The restaurant should also find out a way of improving the current service its competitor is providing to engage the consumers.

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2 years ago

Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qu

AysviL [449]

Answer:

Please refer below the assumption, principle, or constraint that most appropriately justifies these procedures and practices for each.

Explanation:

A Fair value changes are not recognized in the accounting records.

Measurement Principle (historical cost)

B Accounts receivable are recorded for sales on account rather than waiting until cash is received.

Accrual basis assumption

C Financial information is presented so that investors will not be misled

Materiality Full Disclosure Principle

D Intangible assets are capitalized and amortized over periods benefited

Measurement Principle (Historical Cost)

E Brokerage companies use fair value for purposes of valuing financial securities.

Measurement Principle (Fair value)

F Each enterprise is kept as a unit distinct from its owner or owners.

Economic Entity Assumption Periodicity Assumption

G All significant post-statement of financial position events are reported

Full Disclosure Principle

H Revenue is recorded at point of sale

Revenue Recognition Principle

I All important aspects of bond indentures are presented in financial statements

Materiality Full Disclosure Principle

J Rationale for accrual accounting

Revenue and Expense Recognition Principle

K The use of consolidated statements is justified

Economic Entity Assumption

6 0

2 years ago