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Strike441 [17]
4 years ago
5

On April 1, Garcia Publishing Company received $24,480 from Otisco, Inc. for 36-month subscriptions to several different magazin

es. The company credited Unearned Fees for the amount received and the subscriptions started immediately. Assuming adjustments are only made at year-end, what is the adjusting entry that should be recorded by Garcia Publishing Company on December 31 of the first year?
Business
1 answer:
Aleks [24]4 years ago
8 0

Answer:  Debit Unearned fees $6,120, Credit Fees income $6,120.

Explanation: Garcia Publishing received $24,480 from Otisco on April 1 and this was recorded as unearned fees. This means Garcia would have debited cash with $24,480 and credited unearned fees $24,480. Remember the fees was paid at the beginning of April and is for 36-month subscriptions. So, the amount in unearned fees would be unwound to income (fees) over the tenor of the subscription (36 months). Therefore, monthly amortization would be $24,480 divided by 36 months = $680. April 1 to December 31 is 9 months, $680 multiplied by 9 months is $6,120.

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Colton took out a 3 year loan for $2075 at a computer store to be paid back with monthly payments at a 10.7% APR. If the loan of
sashaice [31]
Given:
3 year loan
$2,075 loan amount
10.7% Loan APR
*no payment for the first 11 months.

3 years is equivalent to 36 months. 
36 months - 11 months = 25 months.

Colton must make 25 monthly payments to pay off his loan. 

Usually, businesses can give this kind of promo because the interest in the months of no payments have already been added in the list price of the product. Thus, ensuring that the company will always profit from this promotion.
4 0
4 years ago
Read 2 more answers
Kenneth, the plant manager, was talking with another manager about Brendan, the lead engineer in the corporate R & D departm
Alexxx [7]

The correct answer is D) a narrow perspective.

Kenneth, the plant manager, was talking with another manager about Brendan, the lead engineer in the corporate R & D department. Kenneth remarked, "Brendan is so bright, and he is an expert in designing products. But like so many experts, he can’t imagine what it’s like to be as ignorant as the rest of us. I think at times, he cannot see things from an outsider’s perspective."

Brendan is suffering from a narrow perspective.

The narrow perspective means that an individual is so focused on their own things, that forgets the general picture of things and that the fact that other people can have a different view and opinion about a certain topic. That is why Kenneth, the plan manager, thinks about Brendan. So brilliant but he is not considered enough of the other people's limitations on the subject or other peoplés perspectives.

6 0
3 years ago
People enjoy outdoor holiday lighting displays and would be willing to pay to see these displays but can't be made to pay. Becau
Katarina [22]

Answer: (2) Demand-side market failure

Explanation:

 The demand side market failure is one of the type of market effect that basically occur due to the production of the negative response and the effect by the various types of marketing techniques like surveys and the focus groups.

The market failure demand side is one of the type of economical situation in which the customers are willing to pay for the specific products and the services in the market which is not fully capture.

According to the given question, the demand- side market failure is one of the example that best illustrating the given situation. Therefore, Option (2) is correct answer.      

8 0
4 years ago
For each of the following situations, identify the type of form to be filed with the SEC for disclosure purposes (2 points): (A)
oee [108]

Answer:

1. Form 8-K : A unique or significant happening.

2. Form 10-K: Annual information required by Regulation S-X.

3. Form 8-K: Changes in control of the registrant.

4. Form 10-Q: Interim financial statements.

5. Not required: Fourth quarter income statement.

6. Form 8-K: Bankruptcy.

7. Form 10-K: Annual information required by Regulation S-K.

8. Form 10-Q: Income statement for the current quarter, year-to-date, and comparative periods in the previous year.

9. Not required: Changes in bookkeeping staff.

10. Form 8-K: Changes in the registrant's independent auditor.

Explanation:

The SEC, an acronym for Securities and Exchange Commission was created under the Securities Exchange Act of 1934. The Act empowered the SEC to require registration of securities, security exchanges, and reporting by publicly owned firms.

Some of the forms to be filled as required by the United States of America, Securities and Exchange Commission (SEC) includes;

1. Form 10-K.

2. Form 10-Q.

3. Form 8-K.

5 0
3 years ago
F(x) = ax+7 + f(8) = 17​
svetoff [14.1K]
I think it would be 3HI
5 0
3 years ago
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