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serious [3.7K]
1 year ago
13

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:
Elodia [21]1 year ago
3 0

If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sales revenue, this error affect net income for the current period through the net income will be too high.

What is net income?

Net income is defined as an entity's earnings less expenses, amortization, depreciation and dividends, and taxes for a specific accounting period in both professional accounting.

Net income is the amount that a person or business makes after expenses, reimbursements, and taxes.

Therefore,

If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sales revenue, this error affect net income for the current period through the net income will be too high.

To learn more about net income from the given link:
brainly.com/question/15530787

#SPJ4

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According to the diathesis-stress model, if 100% of individuals with a genetic predisposition to a disorder actually display sym
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Answer:Biological

Explanation:

The Diasthesis-stress model is a psychological theory which explains that peoples predisposition to stress can be affected by external causes of stress within the environment and thus, create a disorder. Some people are more prone to stressors compared to others. The biological behavioural approach is unaffected by the social, cultural, and environmental factors.

4 0
3 years ago
Based on the following data for the current year, what is the inventory turnover?
GenaCL600 [577]

Answer:

The answer is D.

Explanation:

Inventory turnover is a measure of the number of times inventory is being sold or used during a given period of time.

A high inventory turnover means a company is selling goods very quickly and that demand for their product exists. Low inventory turnover means weaker sales and ing demand for a company's products.

Inventory turnover = Cost of goods sold/Average inventory

Average inventory is:

($110,000 + $90,000)/2

=$100,000

Therefore, inventory turnover ratio:

$270,00//$100,000

2.7

3 0
3 years ago
sales of new homes increased each month of the last year the economy is likely in. recession. expansion a trough or a plummet
olya-2409 [2.1K]
Expansion ..............
5 0
3 years ago
Financial accounting is the process of identifying, measuring, and communicating financial information about an economic entity
Anna007 [38]

Answer:

The correct answer is "financial information; economic entity; user groups; legal, economic political and social environment"

Explanation:

The four major elements of financial accounting​ are:

1. financial information: includes items such as management discussion, analysis, and reports.

2. economic entity: An economic entity is company actions that are separate from its owners and other entities, such as corporations and governmental​ organizations.

3. user groups: request business information of an economic entity.  Investors and financial​ analysts are user groups.

4. legal, economic political and social environment: influences the financial reporting process.

7 0
3 years ago
Inthe 1920's, the value of the German mark fell dramatically. in June 1922, a U.S. dollar could buy 320 marks; by December of th
muminat

Answer:

The answer is C: Hyperinflation

Explanation:

Hyperinflation is high and accelerating form of inflation. It results in quick decline of the local currency`s real value. It also leads to increased prices of all goods and consumables

From the data,

In June 1922, 1 german Mark was equal to 0.003125 USD (1/320)

Whereas in December, 1922, the same german Mark was equal to 0.000125 USD. (1/8000)

5 0
3 years ago
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