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lesya692 [45]
3 years ago
8

A lawyer collected $720 of legal fees in advance. He erroneously debited Cash for $270 and credited Service Revenue for $270. Th

e correcting entry is A. Cash 450 Service Revenue 270 Unearned Service Revenue 720 B. Cash 720 Service Revenue 720 C. Cash 450 Accounts Receivable 270 Unearned Service Revenue 720 D. Cash 450 Accounts Receivable 450
Business
1 answer:
IRISSAK [1]3 years ago
4 0

Answer:

Option C is correct.

The correcting entry is <u>Cash 450 Accounts Receivable 270 Unearned Service Revenue 720</u>

Explanation:

1. Cash received is $ 720 and the amount booked is $ 270,

Hence, Cash Balance of $ 720 - $ 270 which is $ 450 is recorded.

2. Accounts Receivable Account was wrongly credited and hence is debited to reverse the effect.

3. Unearned Service revenue account was not recorded and hence is now recorded.

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The notes to a recent annual report from Weebok Corporation indicated that the company acquired another company, Sport Shoes, In
ikadub [295]

Answer: $230,500

Explanation:

Goodwill is the amount over the value of a company that is purchased for.

Fair market value is the relevant value used in goodwill calculation because it represents the current value of the assets acquired.

Goodwill = Acquisition price - Fair market values of the assets

= 511,000 - 35,000 - 183,000 - 46,500 - 16,000

= $230,500

8 0
3 years ago
Because of their sharp quality text output and fast printing speeds, ___ printers are often preferred by businesses.
RideAnS [48]

Answer:

Laser printer

Explanation:

Laser printers are quicker than inkjet printers (producing more pages per minute), generate higher-quality output (with some limitations), and are better suited for high-volume production. Laser printers produce significantly finer lines than inkjet printers, making them ideal for text, logos, and corporate information graphics.

5 0
2 years ago
Label the statements as increasing GDP in either Canada or the United States.
Sidana [21]

Answer:

Increasing Canadian GDP:

-Toyota, a Japanese company, manufactures cars in Toronto, Ontario.

-ATI Technologies, a Canadian company, operates in Alberta.

Increasing American GDP:

-Toyota, a Japanese company, manufactures cars in San Antonio, Texas.

-Starbucks, a U.S. company, opens stores in New York state.

-Tim Horton's, a Canadian company, opens coffee shops in New England.

Explanation:

Gross domestic product (GDP) is the sum of all final goods and services produced in an economic space for a certain period, usually one year, excluding the intermediate consumption used in production. Until the 1980's, the use of Gross National Product (GNP) was preferred, a measure almost identical to GDP but incorporating goods and services produced by external factors. The variation in this macroeconomic magnitude is often used to measure economic growth.

5 0
3 years ago
According to Victor Vroom, which of the following is not considered a factor that influences motivation?
Gre4nikov [31]

Answer:

A, independence

Explanation:

Motivation can be defined as the stimulation of individuals to achieve a certain goal.

It can also be said to be the a force that drives the wants, needs, etc of an individual. Motivation have various influencing factors as well as several modes.

Factors that influences motivation include; valence, instrumentality, expectancy, etc.

Modes of motivation include; intrinsic, extrinsic, introjected and identified motivation.

From the above question, independence isn't a factor that influences motivation. This is because independence, according to the dictionary, can be said to be a state of freedom from something.

Freedom does not motivate a person to achieve anything as there will be no pressure or driving force or even an individual to encourage. This makes goals impossible to difficult to achieve.

Cheers.

7 0
3 years ago
During the last year, Len Corp. generated $1,170.00 million in cash flow from operating activities and had negative cash flow ge
Anit [1.1K]

Answer:

The firm’s cash flow (CF) due to financing activities in the second year is    - $450 million

Explanation:

As we know that,

Net increase in cash = Operating activity - investing activity - financing activity

where,

Net increase in cash = Ending balance of second year  - ending balance of first year

= $280 million - $200 million

= $80 million

The other items values would remain the same

Now put these values to the above formula  

So, the value would equal to

$80 million = $1,170 million - $640 million + financing activity

$80 million = $530 + financing activity

So, financing activity = $80 million - $530 million

                                   = - $450 million

8 0
3 years ago
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