Answer and Explanation:
The answer is attached below
Answer:
Most of the recalls were in the toy industry, which alarmed the public
Explanation:
2007 is known as the "year of the recall" because in that year a very high level of recalls were made by manufacturers but most importantly and alarmingly was the toy industry.
Every child, from being a baby to toddlers and preteens usually have one or more toys that they play with. 2007 seemed like the year to not get toys for kids as it became public knowledge that high amounts of lead was used in toy production that year.
Lead for all its usefulness is a poisonous or dangerous substance to the human body talk more of a kid. The revelation of excessive lead content in toys caused a recall of toys by toy companies among other companies.
Also affected were art supplies, jewelries, etc.
Cheers
Answer:
A.
Debit Unearned Revenue $11,250
Credit Sales $11,250
Explanation:
B. It is an income for the company. Prepaid subscription is an expense for the company. Therefore, it is incorrect.
C. It is contradictory as the company already recorded the first quarter transaction. Therefore, Unearned revenue should be debit. So, it is also incorrect.
D. According to the revenue recognition, revenue is recognized when they are earned. Therefore, the company acquired the cash when the company received last year. So, it is incorrect.
E. Again, cash cannot be credit. Therefore, it is incorrect.
A is the correct answer. As, when the company received the payment, unearned revenue was credit. As the income is now recorded for the first quarter, $(45,000/4) = $11,250 of unearned revenue becomes earned. So, it is debit. Since it is a sale of a company, the sale becomes credit.
Answer:
What was Finney’s net income for the year 2022?
Net Income 100000
Explanation:
Reveneus 740000
Expenses 640000
Net Income 100000
Net income, also called net profit, is a calculation that measures the amount of total revenues that exceed total expenses. It other words, it shows how much revenues are left over after all expenses have been paid.
Answer:
As per Cash Basis of Accounting, The income of mike shall be,
Tickets of Big Game Dr.$460
Income from repair Work Cr.$460
Explanation:
Generally Gross Income means any income realized during the year whether it is realized in cash or in kind.
In our case, mike has received big game tickets. Therefore the realizable value of tickets which is $460 is mike's income.