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erica [24]
2 years ago
12

A gym offers one-year memberships for $99 and requires customers to pay the full amount of cash at the beginning of the membersh

ip period. For the gym, this is an example of a(n):
Business
1 answer:
drek231 [11]2 years ago
4 0

A gym offers one-year memberships for $99 and requires customers to pay the full amount of cash at the beginning of the membership period. For the gym, this is an example of a(n): Deferred revenue.

Since the whole amount is received in advance (before the membership periods) it cannot be charged as revenue in the income statement. This would be treated as deferred revenue, till the membership period is over. Such deferred revenue is a liability of the gym and must be recorded in the Balance Sheet.

Cash-based accounting does not record depreciation expenses. Cash Accounting does not record journal entries when sales are made on an account. Generally accepted accounting principles (GAAP) require you to use the accrual basis of accounting.

Learn more about the gym at

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A city ordered uniforms with an expected cost of $6,000 for policemen. This amount is encumbered.
Stels [109]

Answer:

Answer is a.

Explanation:

  • The first journal entry for encumbrances is:

Encumbrances                                 6,000

Encumbrances outstanding                          6,000

  • After the receipt of the invoice the journal entry should be:

Encumbrances outstanding            6,000

Encumbrances                                                6,000

Expenditures                                    5,900

Invoice                                                              5,900

3 0
4 years ago
An increase in debit balances means more investing by naive investors and would be a bearish indicator.
labwork [276]

Answer:

b) false

Explanation:

An increase in debit balances means more investing by naive investors and would be a bearish indicator.

A debit balance can be regarded as account balance that has positive balance at the left side of the account.

Some of the Accounts with debit balance are;expenses as well as

assets and losses. Some of these accounts Examples could be fixed assets accounts receivable as well as fixed assets. Some Contra accounts usually have debit balances , some of theses are;contra equity and contra liability. Typical example is the treasury stock account. bearish harami which can be regarded as candlestick chart indicator, ,that is responsible for reversal as regards bull price movement.

4 0
3 years ago
Based on the parkerian hexad, what principles are affected if we lose a shipment of encrypted backup tapes that contain personal
xeze [42]

Answer:

Possession or control

Explanation:

From the perspective of the Parkerian hexad, the affected principles if a shipment of encrypted backup tapes belonging to customers and having their personal and payment information are possession or control. This is considered a physical media disposition on which the information was stored. To effectively and accurately describe the incident scope, the principle of possession would help us do this.

3 0
3 years ago
Maria spends all of her money on paperback novels and beignets. In 2011 she earned $27.00 per hour, the price of a paperback nov
marishachu [46]

Answer:

1.  The price of a beignet is $3.00 in 2011 and Maria's wage is $27.00 per hour in 2011.

2. The price of a paperback novel is 3 beignets in 2011 and Maria's wage is 9 beignets per hour in 2011.

3. 3 Beignets

4. increases and remains the same

Explanation:

1.  Nominal value is the value of a product based on the money of the day that we see. The price of a beignet is $3.00 in 2011 and Maria's wage is $27.00 per hour in 2011 are the values of the product and wage quoting the money of the day.

2. The real value of a varaible is the value in terms of the value of some other goods. In this case Paperback and Maria's wage are valued in terms of beignets.

3. The relative price of paperback is valued in terms of beignets. So if a beignet costs $6 and a paperback novel is $18. The relative price of a paperback novel will be three times the cost of beignet, since a beignet costs $6.

4. Between 2011 and 2016, the nominal value of Maria's wage increases and the real value of her wage remains the same.

6 0
3 years ago
A general partner is responsible for any debts of the partnership, regardless of whether he or she was directly involved in the
azamat

Answer:

True

Explanation:

A partnership is a type of business owned by two or more individuals known as partners. The partners join forces to exploits their talents and resources and profit from the business. A partnership may comprise of general and limited /silents partners.

The general partner participates in the day to day activities of the business. He or she makes business decisions on behalf of the partnership. Because a general partner is actively involved in managing the business, he has unlimited liability to its obligations. Should the partnership fail to meet its obligation, the assets of a general partner sold to settle the debts. He or she need not have been involved in creating the liability.

5 0
3 years ago
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