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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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A bilateral contract is one in which one side promises to perform in exchange for the other side's actions
ss7ja [257]

The statement is false.

Void and voidable contracts are one and the same. Exculpatory clauses are typically considered void towards public coverage. Covenants not to compete are commonly taken into consideration void as against public coverage.

A bilateral contract is a contract in which each party alternate guarantees to carry out. One birthday party's promise serves as consideration for the promise of the other. As a result, each party is an obligor of that birthday celebration's own promise and an obligee of the opposite's promise.

A contract wherein the events trade a promise for a promise is referred to as a Bilateral contract, whereas a contract wherein one birthday party gives a promise and the other birthday celebration performs an act is known as a Unilateral settlement. these legally enforceable promises can be in writing or oral.

Learn more about the bilateral contract here brainly.com/question/13741271

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8 0
2 years ago
Your ___________ is what you can see without the presence of an obstruction. Line-of-sight Stopping distance Operating space Dis
sineoko [7]

The correct answer should be Line of sight.

What then is your Line of sight?

Your line of sight is the noticeable path of travel from your vehicle to your destination area. This line can be obstructed by a curve, a hill, high-forest wooded zones, large truck or other obstruction that prevents drivers from seeing the vehicle ahead. Therefore, if you cannot see around an obstruction, you should slow down and be willing to adjust your position until you can reestablish a clear line of sight to your path of travel and targeting area.

3 0
2 years ago
Elise Philips, a leading fashion designer, connects with her followers through a strong online presence, promoting her brand and
galben [10]

<u>Answer</u>:

Elise Philips, a leading fashion designer, connects with her followers through a strong online presence, promoting her brand and discussing fashion tips through articles and videos on her personal fan page. In this case, the marketing forms Elise uses is (A) Blog

<u>Explanation</u>:

A word “Blog” etymologically speaking, comes from the combination of 2 words- Web and log.  

Essentially, a blog is an online account or expression of the writer, and is started with people putting their private experiences online but it has now become a very popular means of promotion and is gaining popularity in most urban areas.  

Blog Marketing entails using blogging websites such as Wordpress among others to promote ones’ product to the masses.  

The main advantages of Blog marketing include that firstly, it is easier to manage and economically feasible, secondly, it is an effective tool of marketing, especially amongst millennial, thirdly, it gives a more personalised approach to marketing and lastly, it is a great way to improve one’s Search Engine Optimisation ranking.

6 0
2 years ago
A minimum wage is an example of a price floor or minimum price that must be paid. If effective, such a price floor would be ____
valkas [14]

Answer:

If effective, such a price floor would be <u>above</u> the market price and would lead to a <u>excess supply</u>.

Explanation:

A price floor can be described as a price control in which the minimum price to be charged for goods and services is imposed by a government or a group.

For a price floor to be effective and binding, it has to be set above the market or equilibrium price. This is because a price floor will neither be effective nor nonbinding when it set below the equilibrium price.

Any price above the equilibrium or market price creates or leads to excess supply. Excess supply is a situation whereby quantiy of commodity supplied is more than the quantity demanded of the commodity.

Based on the above explanation, if effective, such a price floor would be <u>above</u> the market price and would lead to a <u>excess supply</u>.

3 0
3 years ago
Use the following selected 2016 balance sheet and income statement information for Home Garden Supply Co. (in millions) to compu
zepelin [54]

Answer:

3.76 times

Explanation:

The computation of the asset turnover is shown below:

Asset turnover = Net sales ÷ Average total assets

= $1,356,504 ÷ $360,600

= 3.76 times

By dividing the net sales from the average total assets, the asset turnover could arrive i.e 3.76 times

This is the answer but the same is not provided in the given options

8 0
2 years ago
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