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VARVARA [1.3K]
2 years ago
7

If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sa

les revenue, how will this error affect net income for the current period?.
Business
1 answer:
Helen [10]2 years ago
8 0

There will be inadequate liabilities.

What Does Sales Revenue Mean?

Sales revenue is the money a business makes from selling products or offering services. Sales and revenue can, and frequently are, used interchangeably to refer to the same thing in accounting. It is significant to remember that revenue does not always equate to money received. One part of sales revenue may be paid in cash, and the other part may be paid on credit using methods like accounts receivable.

Either the gross revenue total or the net revenue amount can be used to represent sales revenue on the income statement. All deductions for product returns, the potential for undelivered items, and the cost of bad debt are all included in net revenue.

to know more about sales revenue

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People in the united states score considerably higher on extraversion than do people in spain. select one:
Korvikt [17]

People living in  the united states score considerably higher on extraversion than do people in spain.------. false

Option A is correct

What is the purpose of extraversion?

Namely, extraversion  basically appears to facilitate people's goals  and objectives to possess fun, to engage  with other people, and to entertain people . Furthermore, these goals strongly predicted increases in state positive affect.

What is the extraversion theory?

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3 0
1 year ago
Mr. Gupta is also considering giving his employees a raise that would increase total salaries by $35,000.00 per year. What effec
shutvik [7]
I think the taxes would decrease but increase for the company
6 0
3 years ago
Duress is a possible ground for rescission of a contract.​<br><br> a. true<br><br> b. fals
WARRIOR [948]

False

Duress is used to enforce a contract, not for the rescission of a contract.

5 0
3 years ago
Tri Fecta, a partnership, had revenues of $362,000 in its first year of operations. The partnership has not collected on $46,400
OverLord2011 [107]

Answer:  $185,500

Explanation:

Total cash received = Sales revenue - Accounts receivable + owner's investment + amount borrowed

                                 = $362,000 - $46,400 + $42,000 + $30,000

                                 = $387,600

Total cash disbursement = Merchandise purchased - Accounts payable + Salaries + Interest + Insurance

                                          = $200,000 - $38,600 + $28,100 + $2,700 + $9,900

                                          = $202,100

Ending cash balance = Total cash received - Total cash disbursement

                                   = $387,600 - $202,100

                                   = $185,500

8 0
3 years ago
Current Attempt in Progress
Allisa [31]

Answer:

Net Increase in cash = $124,200

Explanation:

Note: The correct value for Year 2021 inventory is $510,300 not $10,300.

Also note: See the attached excel file for the statement of cash flows for 2022.

In the attached excel file, the following workings are used:

Workings:

w.1: Increase in accounts receivable = Account receivable in 2022 - Account receivable in 2021 = $237,600 - $205,200 = $32,400

w.2: Decrease in inventory = Inventory in 2022 - Inventory in 2021 = $450,900 - $510,300 = -$59,400  

w.3: Decrease in accounts payable = Accounts receivable 2022 - Accounts receivable 2021 = $105,300 - $116,100 = -$10,800

w.4: Disposal of land = Land in 2021 - Land in 2022 = $270,000 - $216,000 = $54,000

w.5: Purchase of equipment = Equipment in 2022 - Equipment in 2021 = $702,000 - $540,000 = $162,000

Download xlsx
3 0
3 years ago
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