Answer:
Dr cash $375,000
Cr unearned revenue $375,000
Dr unearned revenue $37,500
Cr revenue $37,500
Explanation:
The total amount realized from the sale of tickets is $375,000($250*1500)
However,the cash proceeds should be debited to cash while it is also credited to unearned revenue
The revenue from fulfilling the performance obligation=1/10*$375,000=$37,500
The $37,500 is debited to unearned revenue and credited to sales revenue as that amount has now been earned
Answer: $0
Explanation: The total amount of an individual's Gross income which is taxed is called the taxable income. An individual's Adjustable Gross Income may include expenses such as charitable contribution, mortgage interest, medical and some other eligible expenditure which are are deducted in other to lessen the taxable income of such individual. Such deductions are called the Itemized deductions.
However, personal expenses DO NOT CONTRIBUTE to an individual's Itemized deduction and as such, MIKE HANSEN'S ITEMIZED DEDUCTION IS ZERO.
The $6000 incurred is classed under personal expenditure and is not deductible.
Answer: Under IFRS, preferred stock dividends are reported in the income statement as interest expense
Explanation:
Preference shares, also called preferred stock, are the shares of the stock of a company whereby dividends are paid to the shareholders before the dividends are being issued.
For this type of shares, even if the company goes bankrupt, the preferred stockholders will be paid from the assets of the company before the common stockholders.
Under IFRS, preferred stock dividends are reported in the income statement as interest expense
Complete question:
Compton Corporation, with operations throughout the country, will soon allocate corporate overhead to the firm's various responsibility centers. Which of the following is definitely not a cost object in this situation?
A) The maintenance department.
B) Product no. 675.
C) Compton Corporation.
D) The Midwest division.
E) The telemarketing center.
Answer:
Compton Corporation is definitely not a cost object in this situation
Explanation:
A cost object is a concept commonly used in financial reporting to describe the costs. Definitions commonly found in expense items include: product lines, geographical areas, clients, teams or anything else handling the costs.
Any object to which costs are independently calculated is a cost entity. In an organization, an expense item can be, for example a team, workmanship, production line or procedure.
For example, the costs of construction, customer support or revamping of a returned product may be tracked.
Answer: Intellectual property
Explanation:
Intellectual property is a property that is the result of the creativity of an individual or firm. Intellectual property is a form of property that includes the intangible developments of the human intellect.
Stealing of another person's or firm's intellectual property is a crime and is punishable. There are different types of intellectual property. The well-known types are patents, copyrights, trade secrets, and trademarks.