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kobusy [5.1K]
2 years ago
6

storybook company provided services to several customers during the month of december. these services have not yet been paid by

the customers
Business
1 answer:
katrin [286]2 years ago
5 0

Based on the fact that the services have not yet been paid for by the customers, the way to record the adjusting entry is to:

  • debit accounts receivable
  • credit services revenue

<h3>How should the unpaid services be recorded?</h3>

Accounting uses the accrual basis which means that revenue is recognized in the year that the service was given or good was delivered and not the period when cash exchanged hands.

Storybook company has provided services in December which falls under the current year. To record an adjusting entry, the company needs to credit service revenue to show that they have recognized the revenue. Accounts receivable will need to be debited to show that Storybook company is owed for the services by their customers.

Find out more on accrual basis at brainly.com/question/25817056

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The rapid economic growth of the 1980s and the cultural emphasis on accumulating wealth was partly caused by:________
kozerog [31]

The rapid economic growth and emphasis on accumulating wealth in the 1980s was partly caused by the baby boom.

<h3>What baby boomers mean?</h3>

Person born during a period of time in which there is a marked rise in a population's birth rate i.e., a person born during a baby boom

Following the end of World War II, the number of babies born 9 months later increased. At the end of 1964, there were approximately 76 million babies born, accounting for roughly half of the population.

Especially,  a person born in the U.S. following the end of World War II (usually considered to be in the years from 1946 to 1964).

The viewer is older, an aging baby boomer whose '60s activism has been lost among the years. Baby boomers were born between 1946 and 1964. They're currently between 57-75 years old.

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4 0
2 years ago
Bronco, Inc., imposes a payback cutoff of three years for its international investment projects. Year Cash Flow (A) Cash Flow (B
maw [93]

Answer:

Project A:

Payback Period = Years before full recover + (Un-recovered cash inflow at start of the year/cash flow during the year)

= 2 Year + ($12,000 / $18,000)

= 2 Year + 0.67 years

= 2.67 Years

<u>Payback Period - PROJECT A = 2.67 Years</u>

Project B:

Payback Period = Years before full recover + (Un-recovered cash inflow at start of the year/cash flow during the year)

= 3 Year + ($17,000 / $224,000)

= 3 Year + 0.08 years

= 3.08 Years

<u>Payback Period - PROJECT B = 3.08 Years</u>

3 0
3 years ago
You see the message "secret formula" on an online advertisement for a weight-reduction product. How should you interpret such a
Flauer [41]

Avoid the product only con artists can use such language.

Online advertisement

  • Other names of online advertisements are Online marketing, internet advertising, digital advertising, web advertising.
  • Online advertising is the most effective way of expand any business, find new new customers, new job opportunities & attract people from worldwide.

Advantages:

  1. Easy to update
  2. Quick delivery
  3. Tracking
  4. Easy to select target market
  5. Affordable Cost
  6. Improved customer interaction

Online advertising methods

  1. Social Media Ads
  2. Online Banners
  3. Search Engine Pay Per Click (PPC)

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4 0
2 years ago
True or false: enterprise operations systems work in conjunction with the firm's erp system to provide specific functionality to
DanielleElmas [232]

The main answer is True.

The statement is correct, enterprise operations systems work in conjunction with the firm's ERP system to provide specific functionality to support supply chain operations.

<h3>Explanation:</h3>
  • ERP system to provide specific functionality to support supply chain operations.
  • Supply chain management has been an integral part of ERP solutions adopted by several enterprises.
  • Manufacturers need to interact with various suppliers and partners to obtain the raw materials and resources at the right time and at the right amount to bring finished goods to market.
  • Businesses are actively focusing on several supply chain strategies to boost plant productivity, enhance product quality, and cut down on manufacturing costs.
  • As the operations become more extensive and globalized, the integration of SCM becomes all the more important.
  • ERP solutions can support multiple modes, such as make-to-order, engineer-to-order, and configure-to-order, and provide operations support across multiple sites in real time.
  • ERP solution streamlines the path their products go through from supplier to warehouse and finally to store for the customer.
  • As a result, businesses can avoid supply chain disruption.

This theory explains how ERP systems provide support to the supply chain.

So the given statement is True

To learn more about  Enterprise operations, refer

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5 0
2 years ago
George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and w
vova2212 [387]

Answer:

Check the explanation

Explanation:

1040 form

Your first name : George Last Name: Large SSN:000-11-1111

Spouse’s first name :Marge Last Name: Large SSN:000-22-2222

Home address:

2000, Lake View Drive,

City, town or post office, state, and ZIP code:

Cleveland, OH,49001

Filing Status:

2) Married filing jointly

Income :

7)Salary:::::::::::::::::::::::::::::::::::::::::::$80,000

12 Business income:::::::::::::::::::::::::$4,375(SCHEDULE C)

22) Gross income=$84,375

27 Deductible part of self-employment tax.=$669.37

($4,375 * 15.3%/100=$669.37( $117,000 or less, multiply line 4 by 15.3% as per irs for 2014)

36 Add lines 23 through 35 = $669.37

37 Subtract line 36 from line 22. =$84,375 - $669.37=$83,705.63

38) Amount from line 37 (adjusted gross income) =$83,705.63

40 Itemized deductions:::::::::::::::::::::::::::::::::::::::::$18,870.89(see SCHEDULE A)

41 Subtract line 40 from line 38 :::::::::::::::::::::::::$64,923.98($83,793.12 - $18,870.89=$64,922.23)

42) Exemptions:::::::::::::::::NIL

43)Taxable income Subtract line 42 from line 41::::::::::::::::$64,922.23

55) Taxable income(no other credits and Tax)::::::::::::::::::::::$64,923.98

other taxes :

56 Self-employment tax:::::::::::::::::::::: $669.37

61) total tax =$669.37

Payments

62 Federal income tax withheld:$8,500

72 ) total payments= $8,500

_______________________________________________________

SCHEDULE A (Form 1040) Itemized Deductions

Taxes paid

6 Real estate taxes :::::::::::::::::::::::::::::$2,500

9 Add lines 5 through 8::::::::::::::::::::::::$2,500

10 Home mortgage interest :::::::::::::::::$3,375 *75/100=$3,375)

15 Add lines 10 through 14 .:::::::::::::::::$3,375

16 Gifts to Charity::::::::::::::::::::::::::::::::$3,500

19 Add lines 16 through 18 :::::::::::::::::::$3,500

21 Unreimbursed employee expenses:::$11,170( see the explanation 2106 form)

24 Add lines 21 through 23::::::::::::::::::$11,170

25 Enter amount from Form 1040, line 38 :::::::$83,793.12

26 Multiply line 25 by 2%:::::::::::::::::::::::::::::::$1 674.11

($83,705.63* 2/100=1 674.11)

27 Subtract line 26 from line 24=$9,494.14

($11,170 - 1 674.11=$9,495.89)

29)Total Itemized Deduction

29 Add the amounts in the far right column for lines 6 through 28. Also, enter this amount on Form 1040, line 40=$18,870.89

($2,500 +$3,375+$3,500+$9,495.89=$18,870.89

_______________________________________________________________________

SCHEDULE C (Form 1040)

Name of proprietor:Marge Large SSN:000-22-2222

A) Principal business: Repair Rubber Toy Boats:::::::::::::Business Code::::::::811490

Part 1

1) Gross receipts or sales::::::::::::::::::::::::::::$15,000

7 Gross income:::::::::::::::::::::::::::::::::::::::::::$15,000

Part II

Expenses:

11 Contract labor=$3,500

16 Interest: a Mortgage=$1,125($4,500 *25/100=$1,125)

22 Supplies =$5,000

25 Utilities=$500($2,000 * 25/100=$500)

27a)Other expenses= $500(phone )

28) Total expenses : Add lines 8 through 27a:$10,625

29 Tentative profit Subtract line 28 from line 7 =$4,375

_________________________________________________

Form 2106

Employee Business Expenses

Part 1

Expense

1) Vehicle Expense :$ 10080 (0.56 cents * 18,000 miles)

3 Travel expense::::::::::::::::::::::::::$515($200 + $255 + $60)

(Airfare =$200

Loding = $85 per day * 3days= $255

Taxicabs=$20 per day *3days=$60)

5)Meals and entertainment expenses=$50 *50/100 per day *3 days=$75 +$5,500=$5,575

(Customer means and Entertainment=$1500+$4,000=$5,500)

6) total Expense =$16,170

7)reimbursements received =$5,000

8)Subtract line 7 from line 6=$16,170 - $5,000=$11,170

4 0
3 years ago
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