Answer and Explanation:
The journal entries are shown below:
On Jan 1
Cash $14,000
To Capital owner $14,000
(being cash received)
On Jan 2
Cash $9,500
To Account service revenue $9,500
(being cash received)
On Jan 3
Account receivable $4,200
To Service revenue $4,200
(being service provided on account)
On Jan 4
Advertising expense $700
To Cash $700
(being cash paid is recorded)
On Jan 5
Cash $2,500
To Account receivable $2,500
(being cash received)
On Jan 6
Owner drawings $1,010
To cash $1,010
(being cash paid is recorded)
On jan7
Telephone expense $900
To Account payable $900
(Being telephone bill received)
On Jan 8
Account payable $900
To cash
(being cash paid is recorded)
Answer: The statement 2, "Finding the present value of cash flows tells you how much you need to invest today so that it grows to a given future amount at a specified rate of return." Is <u>TRUE.</u>
Explanation: "Finding the <u>FUTURE VALUE </u>of cash flows tells you what a cash flow will be worth in future years at a specified rate of return." is the definition for FUTURE VALUE.
Answer:
professional liability insurance
Explanation:
Professional liability insurance protects businesses (an independent contractor is a one person business) against liability resulting from errors and omissions. It covers any harm caused to a customer as a result of professional service or advice. This type of policy generally covers negligence, copyright infringement, personal injury, etc.
Professional liability insurance is generally purchased by businesses that offer the following services:
- professional service
s
- professional advice
- contractual services
Answer:
Answer for the question:
Crane Company uses the LCNRV method, on an individual item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $122 $112 $97 $92 $112 $92 Cost 77 82 82 82 51 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 18 10 20 10 20 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above.
is given in the attachment.
Explanation:
