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Elena-2011 [213]
3 years ago
11

On September 1, 2018, Great Lakes Equipment receives $24,000 from a customer for work to be performed evenly over the next 2 yea

rs. What is the amount of revenue that Great Lakes Equipment should recognize on the income statement for the year ending December 2018?
Business
1 answer:
spayn [35]3 years ago
6 0

Answer:

$4,000

Explanation:

The computation of the equipment recognized on the income statement for the year ending December 2018 is shown below:

= Amount received from the customers ÷ Number of years

= $24,000 ÷ 2 years

= $12,000

This $12,000 is one year

Now for one months i.e from September 1 to December 31 is

= $12,000 ÷ `12 months × 4 months

= $4,000

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Retirement Investment Advisors, Inc., has just offered you an annual interest rate of 6 percent until you retire in 40 years. Yo
Sedbober [7]

Answer:

$32,529.54

Explanation:

To determine the answer the difference in future value of the investment options have to be determined

The formula for calculating future value:

FV = P (1 + r)^n

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

<u><em>First option </em></u>

$18,000 x (1.06)^40 = $185,142.92

<u><em>Second option</em></u>

$18,000 x (1.066)^39 = $217,672.46

Difference in future values = $217,672.46 -  $185,142.92 = $32,529.54

6 0
3 years ago
Sunland Company purchases $50,400 of raw materials on account, and it incurs $61,300 of factory labor costs. Journalize the two
lisabon 2012 [21]

Answer:

A. Mar 31

Dr Raw materials $50,400

Cr Account pay $50,400

B. 31

Dr Factory labour $61,300

Cr Factory wages $61,300

Explanation:

Preparation of the Journal entries for Sunland Company

A. Since we were told that the company purchases the amount of $50,400 of raw materials on account this means that the transaction will be recorded as:

Mar 31

Dr Raw materials $50,400

Cr Account pay $50,400

B. Based on the information given we were told that the company incurs the amount of $61,300 of factory labor costs this means that the transaction will be recorded as:

31

Dr Factory labour $61,300

Cr Factory wages $61,300

6 0
4 years ago
Julia received a notice that her son’s tricycle had been recalled. Which consumer right protected Julia? the right to be informe
suter [353]
The right to service
8 0
3 years ago
Read 2 more answers
Mccabe Corporation uses the weighted-average method in its process costing. The following data pertain to its Assembly Departmen
Gemiola [76]

Answer and Explanation:

The computation of the equivalent units of production for both materials and conversion costs is given below:

For material

= Units completed + ending work in process × completion percentage

= 7,700 + 2,100 × 0.75

= 9,275 units

And, for conversion cost

= Units completed + ending work in process × completion percentage

= 7,700 + 2,100 × 0.25

= 8,225 units

5 0
3 years ago
Do you think having power and being in control makes boy <br>and men more masculine<br>​
shusha [124]
Yes I do believe that but not in all men tho some are different
5 0
3 years ago
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