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miskamm [114]
3 years ago
11

Common knowledge includes declarations such as february is the shortest month of the year. with common knowledge, we do not need

to use quotation marks.
Business
1 answer:
katrin2010 [14]3 years ago
7 0
If the statement above asks whether it is true or false. The answer would be true. It is because when you have common knowledge, it is not needed for it to be quoted for it is already common among people and it is already a knowledge of which people knows about without searching or asking about it. Quotation marks are only used when you try to quote or say things that are from the original author, information or who or where it came from and it's not yours. With common knowledge, there is no need to use them for it is already known by a lot of people and are too obvious for it to be asked of.
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a. Business receives $3,000 on January 1 for 10-month service contract for the period January 1 through October 31. (When the ca
stiks02 [169]

<u>Solution:</u>

Deffered revenue means when an organization receives the payment prior to the goods delivered to conusmer. In the given case, business receives $3000 on 1, January for ten month service (From january to October).

<u>The revenue per month needs to be calculated:</u>

Revenue per month = Revenue for ten months divided by Total number of months

By putting the figures we get,

Revenue per month = $3000 divided by 10 = $300 per month

An adjusting entry needs to be passed:        

Date             Particulars                                debit                  credit  

31st jan        Unearned Revenue                 $300

                       Service Revenue                                              $300

( Service revenue that has been collected in advance)                      

7 0
3 years ago
How do you calculate the variable cost?
NikAS [45]

Calculate total variable cost by multiplying the cost to make one unit of your product by the number of products you've developed. For example, if it costs $60 to make one unit of your product, and you've made 20 units, your total variable cost is $60 x 20, or $1,200.

Hope this helps have a great day :)

6 0
2 years ago
Selected data from the Florida Fruit Company are presented below: Total assets $1,500,000 Average total assets 1,850,000 Net inc
Mkey [24]

Answer:

13.5%

Explanation:

Relevant data provided for computing the profit margin which is here below:-

Net Income = $175,000

Net Sales = $1,300,000

The computation of profit margin is shown below:-

Profit Margin = (Net Income ÷ Net Sales) × 100

= ($175,000 ÷ $1,300,000) × 100

= 13.5%

Therefore for computing the profit margin we simply applied the above formula.

5 0
3 years ago
Question help what is the definition of​ monopoly?
Juliette [100K]
Monopoly is a seller<span> that is selling a unique product in the market and in a </span>monopoly<span> market, the seller faces no competition. </span>
A firm that is a monopoly can ignore the actions of other firms. From the given option the following best describes monopoly:
<span>C: A monopoly is a firm that is the only seller of a product in a given industry.</span>
8 0
3 years ago
An aging of Lily Company’s accounts receivable as of December 31 revealed the following. Amount % Uncollectible Current $20,000
lana66690 [7]

Answer:

What is BAD DEBT EXPENSE for THIS year?

4000

Explanation:

Aging    

Current          20000 2% 400

1-30                  50000 4% 2000

31-60         30000 7% 2100

Over 60         10000 25% 2500

   

                            7000

Allowance bad debts   3000

Expense                    4000

4 0
3 years ago
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