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LenaWriter [7]
2 years ago
14

A company receives $6,500 for two season tickets sold on September 1. If $2,500 is earned by December 31, the adjusting entry ma

de at that time is a debit to Cash, $2,500, and a credit to Ticket Revenue, $2,500.A. TrueB. False
Business
1 answer:
nika2105 [10]2 years ago
5 0

Answer:

The answer is false.

Explanation:

The $6,500 received for two seasons ticket is unearned revenue at September 1.

Unearned revenue have been received in advance but the customer has not enjoyed the service.

As the company enjoys this service monthly till the subscription finishes, revenue will be recognized and unearned revenue which is a liability in the balance sheet will reduce by the same value.

Two seasons ticket is 2 years(24 months).So what will be recognized monthly will be $270.83 ($6,500/24months)

September 1 through December 31 is 4 months.

So the adjusting entry at December 31 is 4 x $270.83

=$1,083.32

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Below are data from the income statement of Brown, Inc: Beginning finished goods inventory $16,000Ending finished goods inventor
Artyom0805 [142]

Answer:

Cost of goods manufactured = $48,000

Explanation:

Cost of goods sold = Beginning inventory + Cost of goods manufactured - Cost of Ending inventory

In the given information, the cost of goods sold = $43,000

Beginning inventory = $16,000

Ending finished goods inventory = $21,000

Thus, putting value in equations we have:

$43,000 = $16,000 + cost of goods manufactured - $21,000

$43,000 + $21,000 - $16,000 = Cost of goods sold

$48,000 = Cost of goods manufactured.

7 0
2 years ago
In a dashboard, a time range picker will only work on panels that include a(n) __________ search. a. accelerated b. inline c. tr
noname [10]

Answer:

Answer is option b, i.e. inline search.

Explanation:

Inline search in a dashboard is different from the saved search. In inline we can directly embed the XML search reference instead of using SPL search. This is mostly helpful in using a time range picker while making a search on the dashboard.

5 0
2 years ago
Rennie Norquist is a recent law school graduate. She is employed at Dillard Dobbs Dooley & Duncan, LLP, a 200 lawyer firm. R
Sindrei [870]

Answer:

b. Rennie is not eligible for overtime under the new FLSA regulations because, as a professional worker, she is exempt from overtime regulations.

Explanation:

According to the Fair Labor Standards Act (FLSA) certain employees are exempt from overtime regulations:

  1. executives (top management and board of directors)
  2. professionals: Rennie falls under this category because she already graduated from law school.
  3. administrative
  4. computer
  5. external sales

Anyone that falls under any of these categories, is exempt from overtime pay and other FLSA regulations.

3 0
2 years ago
Furniture costing $75,900 is sold at its book value in 2019. Acquisitions of furniture total $64,300 cash, on which no depreciat
SVEN [57.7K]

Answer:

Hie, the question you have provided is missing information relating to <em>Accumulated depreciation</em> or <em>book value of the furniture</em> as well as <em>profit</em> or <em>loss</em> on sale of furniture.

However, important principles are explained below :

The Furniture Disposal T - Account is used to calculate the cash received from the sale of furniture.

The Format of the Account is as follows :

Debits  :

Record the Costs of the Furniture Sold. In this cases Cost is $75,900

Record the Profit on Sale of Furniture (if there was profit). The information is incomplete in this case.

Credits :

Record the Accumulated Depreciation on the Furniture. This figure is missing.

Record the Loss on Sale of Furniture (if there was a loss). The information is incomplete in this case.

The Balancing figure would be the Cash Received on sale of Furniture and to be recorded here.

Conclusion :

The Cash Received on Sale of Furniture is a Balancing figure of the Furniture Disposal T - Account.

7 0
2 years ago
At the beginning of the year, Brick Makers had cash of $183, accounts receivable of $392, accounts payable of $463, and inventor
Pie

Answer:

amount of the net source $15

Explanation:Working\ capital= Current\ assets-Current\ liabilities

source\ of\ cash =[Cash+AR+Inventory]- [Amount\ Payable]

cash = $183

received amount = $392

inventory =$714

payable amounts =$463

current assest = (183+392+714)-463=$826

current liabilities =(167+682+409-447)=$811

cash = $167

received amount = $409

inventory =$682

payable amounts =$447

current liabilities =(167+682+409-447)=$811

Hence since current liabilities is more than current assests, therefore there will be loss of accounts

Hence source of cash= (826-811) = $15.

7 0
2 years ago
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