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BARSIC [14]
2 years ago
13

On August​ 31, 2018, Allright Services received​ $3,500 in advance of performing the service. Which journal entry is needed to r

ecord the receipt of​ cash?
Business
1 answer:
vagabundo [1.1K]2 years ago
5 0

Answer:

Explanation:

In the given transaction, the amount is received in advance for performing the service, so the journal entry would be

Cash A/c Dr                       $3,500

  To Unearned revenue                    $3,500

(Being amount is received in advance)

For recording the advance transactions, we have to debit the asset account i.e cash account and credit the liability account i.e. unearned revenue account.  

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Quaker State Inc. offers a new employee a single-sum signing bonus at the date of employment. Alternatively, the employee can re
Hatshy [7]

Answer:

$80.364.45

Explanation:

The lump sum that would make the employee indifferent can be determined by calculating the present value of the annuity

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow in year 0 = $10,000  

Cash flow in year 1 = $40,000  

Cash flow in year 2 = $40,000

I = 9%

PV = $80,364.45

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

6 0
2 years ago
Carter Industries has two divisions: the West Division and the East Division. Information relating to the divisions for the year
Rashid [163]

Answer:

B. $132,000.

Solution : Segment margin is calculated by deducting all expenses that are directly traceable to the segment. it doesn't include corporate common expenses.

So, Contribution = 50000 x(10-6) = $ 200000

Less : Direct fixed cost                ($ 68000)

                Segment Margin          $ 132000

5 0
1 year ago
Dogs and Formals. Paul owns a dog grooming business and needs patient people to work there. He gives all applicants a test he ob
Kay [80]

Answer: He is guilty of violating the Age Discrimination in Employment Act

Explanation:

The option that's true which involves Paul's plan requiring computer training in high school in order to eliminate older workers is that Paul is guilty of violating the Age Discrimination in Employment Act.

The Age Discrimination in Employment Act of 1967 simply protects the workers who are 40 years and above from being discriminated against due to their age during the hiring, promotion, compensation, or any other conditions of employment. In this case, Paul is guilty as he violated the Act.

3 0
1 year ago
Escambia county bonds worth $1,000 are selling at 109.443. what is the market price of one such bond?
Basile [38]
D. 1094.43 is correct!! 
4 0
1 year ago
Read 2 more answers
Lorillard Corporation has the following information for April, May, and June 2018: April May June Units produced 12,500 12,500 1
Llana [10]

Answer:

April ending inventory cost= $121,875

Explanation:

As per the data given in the question,

Unit production cost       Absorption cost       Variable cost

Direct material                     $15                              $15

Direct labor                            10                                10  

Variable factory overhead    7.5                              7.5  

Fixed factory overhead          5

Total cost                               $37.5                       $32.5  

Finished goods inventory = 12,500 - 8,750 = 3,750

Finished goods inventory cost using absorption costing = 3,750 × $37.50

= $140,625

Finished goods inventory cost using variable costing  = 3,750 × $32.50

= $121,875

6 0
1 year ago
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