1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

brainly.com/question/5947845

#SPJ4

You might be interested in
Knowing how to report injuries/illnesses, seeing the annual summary, and what else are all worker rights related to injury and i
GREYUIT [131]
<span>Knowing how to report injuries/illnesses, seeing the annual summary, and reviewing the log are all worker rights related to injury and illness reporting for Osha. 
All of these three options are quite important when it comes to injury in the workplace.</span>
7 0
3 years ago
The organization's leadership should establish the flow-down objectives to set the stage for establishing the guiding principles
NemiM [27]

Answer:

The correct answer is letter "B": False.

Explanation:

The flow-down in management represents the activities executives perform when each individual department establishes their objectives and they are reported to the next level in the hierarchy department so the manager of that department approves or modifies it to align the overall organization's goals.

Setting the corporation's vision and mission is not part of this approach.

3 0
3 years ago
Connie works in the Human Resource department of a company and is
GenaCL600 [577]

Answer:

Explanation:

A This scenario describes a payroll fraud ; This is a form of fraud where an employee or an employer manipulates the payroll system in order to fraudulently receive an un earned wages.

B The employees that Connie was paying to their account that she controls are called Ghost employees. These are fictitious person  put on a payroll for fraud purposes.

C The fact that it took the company 5 years to discover the fraudulent practice indicates a weak internal control environment

D

  1. Some of the actions that the company failed to do are
  2. No proper authorization in place before employees are added to payroll
  3. No segregation of duties as Connies appears to have been the person that add employees to payroll , approve and also disburse salary
  4. There has been no headcount of employees for a long time
  5. The entire payroll system has not been audited and reviewed for a long time

8 0
3 years ago
PLEASE HELP!! APEX
victus00 [196]

Answer:

adjusted gross income tax is an individuals total gross income minus specific deductions.

taxable income is adjusted gross income minus allowance for personal exemptions and itemized deductions.

8 0
3 years ago
During the supplier selection phase of the supplier relationship​ process, a starting point for selecting suppliers is to perfor
Oksi-84 [34.3K]
D) All of the above
5 0
3 years ago
Other questions:
  • Walters manufactures a specialty food product that can currently be sold for $21.20 per unit and has 19,200 units on hand. Alter
    10·1 answer
  • For users at home, which file sharing is most likely the simplest to set up and use?
    13·1 answer
  • Write a sample professional greeting you would use when performing a cold call at a business for the purpose of delivering your
    8·1 answer
  • If survey questions are standardized and close-ended, they can produce data that is statistically comparable.
    7·1 answer
  • "Vested benefits
    12·1 answer
  • Johanna, a company manager, needs to keep track of how many days Each employee has worked from start date to the current date Jo
    15·1 answer
  • The term applied to the amount of cost to transfer to expense resulting from a decline in the utility of intangible assets is:__
    14·1 answer
  • HAJAH MORE FREE POONGGS
    8·2 answers
  • Vasco Company purchased equipment on January 1, 2001 at a purchase price of $50,000. Vasco paid $2,500 in shipping costs on the
    5·1 answer
  • The location-specific advantages argument associated with John Dunning helps explain why firms prefer FDI to licensing or to exp
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!