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3 years ago

Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not?

Business

1 answer:

Ivanshal [37]3 years ago

5 0

Answer:

Explanation:

The receipt received from customer is view as expense and expense is not a revenue.

The receipt can be issue after purchase or return of good. so in this particular case its not a revenue. Thank you

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Your client doesn’t want to pay a monthly fee for their QuickBooks Payments merchant account. What other option is available to

harina [27]

Answer:

If my client doesn’t want to pay a monthly fee for their QuickBooks Payments merchant account, another available option for them is to select a plan in which they would not have to pay monthly fees that have a higher rate per transaction; this option is available in the accounts and setting payment tab.

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3 years ago

Read 2 more answers

For how long should a certified personal trainer maintain accurate contract and appointment records?

Ann [662]

Correct/Complete question: For how long should a certified personal trainer maintain accurate contract and appointment records?

a. 3 years

b. 4 years

c. 2 years

d. 1 year

Answer:

4 years

Explanation:

A certified personal trainer is expected to maintain accurate record of contracts and appointment for at least 4 years before discarding them so as to be able to use them for future assessment or reference purposes. These records are kept in both soft and hard copies. the hard copies can be recycled after 4yeasr at least while the soft copies are kept in a database which can last for almost forever.

Cheers

5 0

3 years ago

Taylor Bank lends Guarantee Company $117,933 on January 1. Guarantee Company signs a $117,933, 9%, nine-month note. The entry ma

sweet [91]

Answer:

January 1, 202x, bank loan obtained from Taylor Bank (9 months, 9% interest rate)

Dr Cash 117,933

Cr Notes payable 117,933

Explanation:

Since this is an interest bearing note that will be paid in less than a year, we should record it at face value. All current liabilities must be recorded at face value.

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3 years ago

The Pastel Paint Company recently loaned $300,000 to KIX 96, a local radio station. The radio station signed a noninterest-beari

VladimirAG [237]

Answer:

Following are the queries to these question:

Explanation:

Reporting entering for recording the note received

Permissible notes (face amount)........................................................ $\$300,000$

Cash................................................................................................... $\$300,000$

7 0

3 years ago

You can invest in an account that pays simple interest or an account that pays compound interest. In either case, you plan to in

trasher [3.6K]

Answer:

You will receive $201.38 more interest if the investment is made with a compound interest rate rather than a simple interest rate.

Explanation:

Simple interest rate

We can calculate how much interests you'd obtain if you deposited the $2,600 in a simple interest rate account.

We start using the following formula for calculating the simple interests:

$I=P * r$

Where:

I are the interests per year,

P is the amount being invested,

r is the interest rate.

Replacing in the formula with the given values we have:

$I=2600*0.05=130$

We then proceed to multiply this result by the given number of years, which is 8. We get $130*8=1040$ .

Finishing with the simple interest rate, if we wanted to know how much is the investment worth at the end of a 8 year period, we must merely add the principal (the $2,600) to the total interests after the end of the period ($1040). So $2600+1040= 3640$ .

We'll use these results later.

Compound interest rate

The formula for compound interests is the following:

$I=P(1+r)^n$

Where:

I is the value of the investment after n years,

P is the principal amount being invested,

r is the interest rate,

n are the number of years the investment is compounded.

Replacing in the formula with the given values we have:

$I=2600*(1+0.05)^8=3841.38$

After the 8 year period, the investor will have $3841.38 in it's compounded interest account.

Comparing these results

We can simply substract the value of both investments at the end of a 8 year period, to determine how much more interest does the compound interest rate account give in relation to a simple interest rate account.

The values we've gotten were:

$3,640 for the simple interest rate account, and

$3,841.38 for the compounded interest rate account.

$3841.38-3640=201.38$ . Therefore the answer is: the account that pays compounded interests will pay $201.38 more to this invididual, compared to an account that pays simple interest.

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3 years ago