1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Digiron [165]
3 years ago
10

Listed below are a few transactions and events of Piper Company. Piper Company records a year-end entry for $10,000 of previousl

y unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue. Prepare any necessary adjusting entries at December 31, 2017, for Piper Company's year-end financial statements for each of the above separate transactions and events. (Piper has the policy of recording cash received in advance in balance sheet accounts.)
Business
1 answer:
Mama L [17]3 years ago
6 0

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Account Dr, $10,400  

                To Sales account $10,000

                To Sales Tax Payable account $400      ($10,000 × 4%)

(Being cash received is recorded)

Here we debited the cash as it increased the assets and we credited the sales and sales tax payable as it increased the sales and liabilities.

2. Cost of Goods Sold Dr, $5,000  

                 To Inventory $5,000

(Being Cost of Goods sold is recorded)

Here we debited the cost of goods sold as it increase the expenses and we credited the inventory as it decrease the assets

3. Unearned Services Revenue Dr, $50,000  

                 To Earned Services Revenue  $50,000

(Being unearned service revenue is recorded)

Here we debited the unearned service revenue as it decreased the liabilities and we credited the earned service revenue as it increased the sales

You might be interested in
Patrick Inc. sells industrial solvents in 5-gallon drums. Patrick expects the following units to be sold in the first three mont
rewona [7]

Answer:

The sales budget is prepared below. See table below.

Explanation:

<em>A sales budget shows the expected revenue and units to be sold for a forth coming accounting period. The sales budget for Patrick Inc would look as follows:</em>

Sales budget

Month        Units                 Revenue($)

January      41,000                1,435,000

February      38,000             1,330,000

March          50,000              1<u>,750,000</u>

                                               <u>4,515,000</u>

Note the revenue per month is determined by multiplying the unit to be sold by the price per unit of $35

6 0
3 years ago
Vertical integration is: a. A firm's ownership of vertically related activities b. A firm's control over its input sources and t
ANEK [815]

Answer:

A firm's ownership of vertically related activities

Explanation:

As we know that

There are two types of integration i.e horizontal and vertical

The horizontal integration is the integration in which two or more firms amalgamate dealing in the same type of business i.e their products and the level of production is same

While on the other hand the vertical integration is the integration in which the one firm acquired or purchased another firm dealing in different stages but the production level remains the same

Hence, the first option is correct

7 0
3 years ago
How does funding from national savings differ from funding obtained from capital inflows? National savings are repaid domestical
jolli1 [7]

Answer:

National savings are repaid domestically, whereas capital inflows are repaid to a foreigner.

Explanation:

National savings refer to the portion of the income that is not consumed, or  spent by government. It is the combined or aggregate value of all private savings and the budget balance. Therefore, national savings are repaid domestically when borrowed.

Capital inflow refers to the net amount of funds that is moved into a particular benefiting company from another country. It is usually in form of investments by foreigners and it is meant to be paid back to them.

6 0
3 years ago
The strength of bargaining power forces depends on the availability of substitutes and ________ compared to the size of supplier
KatRina [158]
Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.


The strength of bargaining power forces depends on the availability of substitutes and <span>the relative size of the firm </span>compared to the size of suppliers or customers.
3 0
3 years ago
45 on low of 6 a b c or d
MA_775_DIABLO [31]

Answer:

c

Explanation:

7 0
3 years ago
Read 2 more answers
Other questions:
  • Locus Company has total fixed costs of $117,000. Its product sells for $51 per unit and variable costs amount to $26 per unit. N
    15·1 answer
  • Which of the following factors increases pressures for cost reductions? a. Meaningful differentiation between products b. Reduce
    13·1 answer
  • Lisa changed her filing status on last year's tax return, and her standard deduction went up. Which of these could have been the
    15·1 answer
  • Why is important to know your strengths and weaknesses? Do you have more strengths or weaknesses? What can you do to help improv
    9·1 answer
  • Dave’s Dogs is a firm that originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Dave purchase
    5·2 answers
  • Select all that apply. Select all the items that describe advertising.
    9·2 answers
  • If Baldwin issued 1000 shares of common stock at last year's end price, the effect on the balance sheet would be: Select: 1 Reta
    8·1 answer
  • Armour, Inc., an advertising agency, applies overhead to jobs on the basis of direct professional labor hours. Overhead was esti
    5·1 answer
  • A student finds data on an internet site that contains financial information about selected companies. he plans to analyze the d
    10·1 answer
  • Janice, a citizen of Nevada, was injured by a defective product manufactured by Hot Plates, Inc., a company incorporated in Cali
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!