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I am Lyosha [343]
1 year ago
12

Cakery bakery receives $1,000 from a customer on august 5, 2016 for a wedding cake to be delivered on september 19, 2016. what w

ould cakery bakery record on their books when they receive this payment?
Business
1 answer:
Lorico [155]1 year ago
5 0

The correct answer is to debit Cash (an asset) for $1,000 as the company now has the cash and credit Deferred Revenue (a liability) for $1,000 as the company now has an obligation to provide services in the future.

<h3>What is Revenue?</h3>

The total amount of income earned by the sale of goods and services connected to the principal operations of the firm is referred to as revenue in accounting. Commercial revenue is often known as sales or turnover. Some businesses make money by charging interest, royalties, or other fees.

The overall cost of making and distributing a product or service to consumers is referred to as the cost of revenue. The cost of revenue is disclosed in a company's income statement. It is intended to show the direct costs related with the goods and services offered by the company.

To know more about Revenuefollow the link:

brainly.com/question/16232387

#SPJ4

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The principle of diminishing returns to capital states that if the amount of labor and other inputs employed is held constant, t
Volgvan

Answer:

b. Less is produced

Explanation:

The Principle of diminishing returns to capital states that as more unit of capital is  added, a point will be reached where a decline in the marginal product will be encountered.

This simply means that for every additional unit of capital invested in the business, a less than proportionate increase is seen, this simply means that there will be a decrease in marginal productivity.

5 0
3 years ago
Lincoln Corporation, a U.S. corporation, owns 50% of the stock of a controlled foreign corporation (CFC). At the beginning of th
Natali [406]

Answer:

$300,000

Explanation:

Calculation to determine How much current taxable income must Lincoln report as a result of its ownership of the CFC

Using this formula

Taxable income=Subpart F income * Ownership percentage

Let plug in the formula

Taxable income=$600,000*50%

Taxable income=$300,000

Therefore The amount of current taxable income that Lincoln must report as a result of its ownership of the CFC is $300,000

7 0
3 years ago
A company had net cash flows from operations of $341,000, net income of $286,000 and average total assets of $1,850,000. The cas
KatRina [158]

Answer: 18.43%

Explanation:

Based on the information given, the cash flow on total assets ratio will be calculated as:

= (net cash flows from operations / average total asset) × 100

= ($341,000 / $1850000) × 100

= 18.43%

Therefore, the answer to the question is 18.43%

8 0
3 years ago
Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man
Simora [160]

Answer:

Cash Dr 10975  

     To Sales  $10,000  

     To  Sales Tax Payable $975 ($10,000 × 9.75%)

(Being the cash is recorded)

Explanation:

The journal entry is shown below;

Cash Dr 10975  

     To Sales  $10,000  

     To  Sales Tax Payable $975 ($10,000 × 9.75%)

(Being the cash is recorded)

For recording this we debited the cash as it increased the assets and credited the sales and sales tax payable as it also increased the revenue and liabilities

4 0
3 years ago
Burger Buddies restaurant chain is attempting to bring back their fried fish sandwich. It is an
worty [1.4K]

The marketing firm need to focus their efforts on

product modification.

<h3>What is product modification</h3>

Product Modification includes changes that are done on an existing product to make it more acceptable.

This could include branding, changing the quantity and colour to help increase the demand.

Therefore, The marketing firm need to focus their efforts on product modification.

Learn more on marketing here,

brainly.com/question/25369230

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7 0
2 years ago
Read 2 more answers
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