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Zarrin [17]
3 years ago
11

An architecture firm earned earned $1520 for architecture services provided with the fee to be paid in the future. No entry was

made at the time the service was provided. If the fee has not been paid by the end of the accounting period and no adjusting entry is made, this would cause:
Business
1 answer:
GaryK [48]3 years ago
8 0

Answer:

Revenue is understated by $1520

Profit is understated by $1520

Accounts receivable is understated by $1520

Retained earnings is understated by $1520

Explanation:

The guideline on recognition of revenue is accrual basis of accounting, which is that revenue is recognized when it has been earned, in other words when the business has discharged its obligation to the other party by a way of delivering goods or services to clients.

Specifically,by not recording an adjusting for the $1520 revenue earned but not yet received,the revenue for the period would be understated by $1520 as well as profit for the year.

Also,asset,accounts receivable would also be understated by $1520 including retained earnings at the end of the year

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Zigmanuir [339]

Answer:

Option B                                                

Explanation:

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Whenever dividend is paid in stock is paid, the overall asset interest stays the very same on both the viewpoint of the lender and the viewpoint of the business. Both dividend payments therefore include a newspaper submission for the distribution issuing firm.

3 0
2 years ago
Jamie received a bonus of $3,000. She decided to deposit the money in a savings account that earns 3.5% compounded daily for 180
alex41 [277]

The compound amount recieved by Jamie after 180 days is $1,466,844.98

Explanation:

We know that money in any sort of banking account earns interests in a compounding manner.

Amount at the end of time “x” is given by A= P(1+R/100) ˣ

Where A= amount after the said time period

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R= Rate  

x= time period

One must note that “x” and “R” must be in same time-frame i.e. if the rate is compounded daily, time period must be considered daily and so on.

Substituting the values of P as $ 3000, R as 3.5%, and x as 180

Amount after 180 days= 3000 (1+3.5/100) ¹⁸⁰

Amount= $1,466,844.98

Thus, the amount is $1,466,844.98

7 0
3 years ago
Magnira corp., a manufacturer of hygiene and personal care products, launches a new toothpaste "tidy" that is more effective in
Ivenika [448]
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5 0
3 years ago
Rawls would agree with the idea that inequalities can be justified if they are based on home-country values. redistribute wealth
Leto [7]

Answer:

benefit those in the worst position.

Explanation:

Rawls theory is based on the concept that no inequalities shall prevail in the country. Although some inequalities are unavoidable.

In those circumstances, when Rawls shall agree to such inequalities, and in-fact, further states that it shall benefit all the people. But for this he states that those in the worst position shall be benefited first and with maximum.

This shall create an equality as these people facing inequality will not be criticised further for any purpose, if they are paid off well in the first instance only.

3 0
3 years ago
State and local governments in the United States share the costs of criminal justice by making ________ primarily a local functi
Marta_Voda [28]

Answer:

The correct word for the blank space is: policy protection; corrections.

Explanation:

Policy protection is related to the regulation of individuals' reckless behavior such as <em>abuse or trafficking of drugs, theft, domestic violence, school safety, and juvenile misbehavior</em>. Local governments -counties and districts- have the power to enforce law over those matters until their jurisdiction allows it.

Criminal corrections involve all the penalties a state must impose on individuals who committed improper behavior and were against the law, thus, they must be punished.

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