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Mashcka [7]
3 years ago
9

If a company records cash received for services to be provided in the future with a debit to Cash and a credit to Service Revenu

e, how will this error affect net income for the current period? Multiple Choice Net income will be too low. Net income will be correct. Net income will be too high. Not possible to determine.
Business
1 answer:
lutik1710 [3]3 years ago
8 0

Answer:

Net income will be too high

Explanation:

Since the advance cash is received for providing the services in the future so for recording this the journal entry is

Cash Dr XXXXX

    To Unearned revenue XXXXX

(Being advance cash is received for providing the service in future)

Now if the company records the revenue without considering the unearned revenue which results the overstated in the revenue due to which the income is also raised.

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The owner of a single-family house in which he lives wants to sell. If he does not use discriminatory language in advertising, h
Rzqust [24]

Answer:

The answer is: No, he can't discriminate.

Explanation:

The Civil Rights Act of 1866 defined citizenship without distinction of race or color, and stated that all citizens are equally protected by the law.

So the owner of the house (as well as everyone else in this country) is prohibited by law to discriminate potential buyers on the basis of race.

4 0
3 years ago
Ana has won a lottery. she was offered two options to receive the award: she can either take it in five installments of $60,000
ANTONII [103]
She should choose to<span> take a lump-sum of $271,000 now. This is the best option since the other option would have a present value less than $271,000. If you use the present value annuity calculator, you can get the present value of the installment option to be </span>$259,768.60. Therefore, the the lump – sum payment option is the most appropriate.<span> </span>
8 0
2 years ago
At year end, CurlZ, Inc.'s inventory consists of 370 bottles of CleanZ at $3 per bottle and 270 boxes of DyeZ at $10 per box. Ma
sasho [114]

Answer:

$3,270

Explanation:

Inventory should be value at lower of cost and market value.

Bottles of CleanZ:

Cost of inventory = Bottles of CleanZ × Price per bottle

                             = 370 × $3

                             = $1,110

Market value of inventory:

= Bottles of CleanZ × Market value per bottle

= 370 × $3.20 per bottle

= $1,184

Lowest of cost and market value of inventory is $1,110.

Boxes of DyeZ:

Cost of inventory = Boxes of DyeZ × Price per box

                             = 270 × $10

                             = $2,700

Market value of inventory:

= Boxes of DyeZ × Market value per box

= 270 × $8 per box

= $2,160

Lowest of cost and market value of inventory is $2,160.

Therefore, the DyeZ. CurlZ should report its inventory at:

= Lowest of cost and market value of inventor for (CleanZ + DyeZ)

= $1,110 + $2,160

= $3,270

3 0
3 years ago
Sabrina Duncan had gross earnings for the pay period ending 10/15/16 of $5,835. Her total gross earnings as of 9/30/16 were $104
ivann1987 [24]

Answer:

option (A) $212.97

Explanation:

Data provided in the question:

Gross earnings for the pay period ending 10/15/16 = $5,835

Total gross earnings as of 9/30/16 = $104,400

Social Security tax rate = 6.2%

Now,

Total earnings

= Gross earnings for the pay period ending 10/15/16 + Total gross earnings as of 9/30/16

=  $5,835 + $104,400

= $110,235

since,The Social Security taxes are on a maximum earnings of $106,800 per year

therefore,

Sabrina's Social Security withheld from her 10/15/16 paycheck will be

= ( Total earnings - $106,800 ) × Social Security tax rate

= ( $110,235 - $106,800 ) × 0.062

= $3,435 × 0.062

= $212.97

Hence,

The answer is option (A) $212.97

7 0
3 years ago
From the list choose the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed o
qwelly [4]

Answer:

Matching with the Best Word, Phrase, Name, etc:

1.        J.  Affirmative action

2.       B.  Requires that men and women be given equal pay for equal work in the same establishment

3.        M.  A process of negotiation between firms and labor unions regarding wages, compensation, working conditions, and other factors affecting workers

4.       C.  May increase demand for unionized labor

5.       L.  Relations Act of 1935. A law granting workers the right to unionize

6.       G.  Companies in many states could legally refuse to hire a black worker regardless of the credentials or experience of that worker supplied of labor and lower quantity demanded of labor

7.       A.  Legislative proposal providing path to legal residency to qualifying immigrants who entered the United States as minors (before the age of 16)

8.       I.  Lead to a decline of labor unions in the United States

9.       K.  Lead to a decline of labor unions in the United States

10.      D.  A law requiring companies to pay equal wage to all their workers regardless of race, age or sex

Explanation:

The DREAM Act, Relations Act of 1935, Equal Pay Act of 1963, Civil Rights Act of 1964, and Affirmative action are some of the government-sponsored programs to ensure that some level of equity applies to individual cases.

 

8 0
2 years ago
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