1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sonja [21]
2 years ago
7

On september 1, 2018, fortune magazine sold 660 one-year subscriptions for $74 each. the total amount received was credited to d

eferred subscriptions revenue. what is the required adjusting entry at december 31, 2018?
Business
1 answer:
Dafna1 [17]2 years ago
3 0
The Company recorded 660 x 74 = $48,840 in deferred revenue. This is a liability account that means they still owe the service or good which they have been paid for. 
Every month, the company records an adjusting entry, recognizing one twelfth of the 48,840, 4,070, because they have earned another month of that deferred revenue by providing the magazine. 
The journal entry on December 31, 2018, will be
Deferred Revenue  4,070
         Revenue                 (4,070)
If this is the first time they've made the entry, then they will recognize earned revenue for Sep, Oct, Nov and Dec, 
Deferred Revenue 16,280
         Revenue                 (16,280)
You might be interested in
Harmony reports a regular tax liability of $15,800 and tentative minimum tax of $17,880. Given just this information, what is he
Ksenya-84 [330]

$2,000 is her alternative minimum tax liability for the year. Because Harmony's tentative minimum tax exceeds her regular tax, the $2,000 difference is her alternative minimum tax liability for the year.

<h3>What is Tax Liability?</h3>
  • The amount that a person, company, or other entity owes to a federal, state, or local tax authority is known as their tax liability.
  • The selling of an investment or other item that generates income generally results in the creation of a tax burden. When purchasing items, one may be required to pay a municipal or state sales tax. (Although several nations do, the United States does not impose a national sales tax.)
  • If a person's overall tax debt was nil or if their income was too low to necessitate filing tax returns, they might not have any income tax burden.

To learn more about Tax Liability with the given link

brainly.com/question/15394738

#SPJ4

5 0
1 year ago
At the beginning of Year 1, the company's inventory level was stated correctly. At the end of Year 1, inventory was overstated b
Furkat [3]

Answer:

$5,000 ; $2,550

Explanation:

The computation is shown below:

For net income in year 1

= Reported net income + overstated inventory amount

= $3,000 + $2,000

= $5,000

For net income in year 2

= Reported net income - understated inventory amount

= $3,000 - $450

= $2,550

Therefore, the net income in Year 1 and in Year 2 is $5,000 and $2,550 respectively.

5 0
3 years ago
The EPA requires the use of precise forms called the
Musya8 [376]

Answer:

The correct answer is The EPA requires the use of precise forms called? It is a requirement for those working with or owners of transporters and generators of waste materials deemed hazardous to acquire an EPA form 8700-22 called the uniform hazardous waste manifest.

Explanation:

i hope this helps 229 999 0523

8 0
3 years ago
During January 2017 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 we
Norma-Jean [14]

Answer:

The correct answer is:

Expenditures—2017 in the amount of $200. (C.)

Explanation:

This scenario describes a record that was less than the actual amount spent on the General Fund supplies. The amount recorded was $2,000, meanwhile the actual amount spent was $2,000. This entails that an amount worth $200 was not recorded, hence it will be debited as expenditures, but the question now is where the debit will be recorded?

This review was done in January 2017, meaning that the income statement for the 2016 Fiscal year must have been balanced, hence the amount will be an expenditure recorded in 2017, but the particulars will have a description that it was a carried over expenditure from 2016. Therefore $200 will be debited from 2017 as expenditures.

5 0
3 years ago
Greg sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep
saveliy_v [14]

Answer: Evaluate performance

Explanation:

 According to the given question, Greg is observing his company sales and also the profit quarterly by ignoring the step evaluating the performance in the marketing planning process.

The evaluating performance is one of the factor that basically helps in examine the proper management, activities and the outcome of the performance.

As, it helps in improve the effectiveness and also characteristics of the result that helps in managing the sales and the profit in an organization. Therefore, evaluate performance is the correct answer.

4 0
3 years ago
Other questions:
  • OSHA issues fines against companies which have safety violation in order to _______.
    8·2 answers
  • All else held constant, an increase in the price of tablets will result in a
    5·2 answers
  • A(n)______________________ aligns strategic goals, operations effectiveness, reporting, and compliance objectives. a. operationa
    5·2 answers
  • Jack receives a check from Kappa Company and indorses it "without recourse." This indorsement is:______.a. a blank indorsement.
    7·1 answer
  • Select the items below that are examples of things that could use the smart card
    8·1 answer
  • The following selected accounts from the Bramble Corp.’s general ledger are presented below for the year ended December 31, 2022
    12·1 answer
  • What is considered a liability in finance and why is it being used?
    10·2 answers
  • A division of a manufacturing company has a return on investment of 24%. The division has an opportunity to accept a project tha
    15·1 answer
  • In ascertaining whether a borrower has the ability to pay off his loan over time, a mortgage bank may rely on calculating a tota
    7·1 answer
  • I’m trying to cancel my membership but I cannot find any cancel option on the menu
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!