Answer:
unearned service revenue 7,500 DEBIT
service revenue 7,500 CREDIT
Explanation:
the job is complete on July 31th
so <em>we write-off the unearned service reveue</em>
and <em>we recognize the service revenue </em>for the whole amount of the contract
The cash receipt occurs on March 1st so w edon't haveto post anythign related to cash on July 31th.
the unearned revenue account is used first because the business has the obligation of perform the job or return the cash. So it is a liablity until the job is completed
The merging of firms results in the market being served by only three or four firms selling this same product would lead to a decrease in market output and an increase in the price of the product. This is oligopoly
Initially if it is perfectly competitive it is almost impossible for other firms to enter. Now as it is said that if they do enter and they ultimately sell the same product they don't have any control on the price of the product. This is sometimes known as oligopoly, and they try to replace the product with close substitutes.
Oligopoly- An oligopoly is a market structure in which a small number of large sellers or producers dominate a market or industry. Oligopolies are frequently the result of a desire to maximize profits, which can lead to collusion among companies.
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Answer: The correct answers are Check for typos, misspellings, and grammatical errors. Print a copy of the document.
Explanation: In order to check properly for errors and correct them accordingly it is better to print a copy of the document.
This will help to manually check for typos, grammatical errors and misspellings by going over the topic sentence and reviewing the document line by line.
Answer:
$210,000
Explanation:
operating income or EBIT = net sales revenue - cost of goods sold - operating expenses
in this case:
EBIT = $800,000 - $420,000 - $170,000 = $210,000
net income = EBIT - non-operating expenses - income taxes = $210,000 - $10,000 - $80,000 = $120,000
Answer:
a.
$52,200
b.
$51,156
Explanation:
Note are issued n the face value or the discounted value. When price of the note is the same as face value then it is known as issued on par/face value.
When price of the note is the lower as face value then it is known as issued on discounted value.
a.
Proceeds from the note issued is the price of the note at which it is issued. As the note is issued on the face value of $52,200, so the proceeds is the same value.
b.
Discount value = $52,200 x 12% x 60/360 = $1,044
Proceeds = Face value of the note - Discount on the note = $52,200 - $1,044 = $51,156
