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Aliun [14]
3 years ago
5

On September 1, Year 1, Gomez Company collected $9,000 in advance from a customer for services to be provided over a one-year pe

riod beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1?
Business
1 answer:
Leya [2.2K]3 years ago
4 0

Answer:

$3,000 and $9,000

Explanation:

In the income statement only four months revenue is recorded i.e from September 1 to December 31      

= $9,000 × 4 months ÷ 12 months

= $3,000

And, under the operating activities the whole amount i.e $9,000 is to be recorded and added to the net income as it is inflow of cash and the same is added using the direct method of the cash flow statements

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the IRS has the authority to impose penalties on tax professionals.

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5 0
1 year ago
What are the six characteristics of money? explain how the u.s. dollar has those six characteristics?
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1. durability- objects used as money must withstand physical and tear
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5 0
3 years ago
How is creative thinking similar to a child’s thinking? A. Neither process restricts itself to logical solutions. B. Both though
-BARSIC- [3]

Answer: D. Both thought processes are linear

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5 0
2 years ago
Analyst 1 suggested that the demand curve for newspapers in Baltimore might have shifted to the right because people were becomi
krek1111 [17]

Answer:

A shift to the right of the demand curve can be caused by any factor other than price that increases the willingless of consumers to purchase a product of service (in this case newspapers).

Two other events can result in a shift to the right of the demand curve for newspapers:

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8 0
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Answer:

Better customer satisfaction

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