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3 years ago

Why do basketball players switch teams? Why do they have to sign a paper when they do that?

1 answer:

6 0

It varies from player to player, some do it for better pay and some do it because they don't like the team their with. They have to sign papers because there transferring their services to another franchise, and are agreeing to new terms of contracts. Things that are disclosed in the contracts are things such as payment and how many years they will be bonded by the contract.

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For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31

Vadim26 [7]

Answer:

1. Assume no other adjusting entries are made during the year a. Tao Co. receives $10,000 cash in advance for four months of legal services on October 1, 2017, and records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is now December 31, 2017, and Tao has provided legal services as planned. hat adjusting entry should Tao make to account for the work performed from October 1 through December 31, 2017?

Step 1: Unearned Revenue has a credit balance of $10,000

Step 2: Unearned Revenue should have a credit balance of $2,500 only.

Step 3: Adjusting Journal Entry:

Debit Unearned Revenue $7,500

Credit Service Revenue $7,500

To record revenue for services performed to December 31, 2017.

2. Caden started a new publication called Contest News. Its sub subscriber, Caden debits Cash and credits Unearned Subscription Revenue for the amounts received. The company has 100 new subscribers as of July 1, 2017. It sends Contest News to each of these subscribers every month from July through December Assume no changes in subscribers, prepare the journal entry that Caden must make as of December 31, 2017, to adjust the Subscription Revenue account and the Unearned Subscription Revenue account pay $24 to receive 12 monthly issues.

Step 1: Unearned Subscription Revenue has a credit balance of $2,400

Step 2: Unearned Subscription Revenue should have a credit balance of only $1,200.

Step 3: Adjusting Journal Entry:

Debit Unearned Subscription Revenue $1,200

Credit Subscription Revenue $1,200

To record subscription revenue for services performed to December 31, 2017.

Explanation:

Tao Co and Caden follow the three-step process of adjusting unearned revenue liability accounts at year-end. The purpose of the steps is to ensure that correct amounts remain as balances in the unearned revenue accounts. The steps also help to adjust the Earned Revenue account to its proper amount in recognition of goods or services provided in accordance with the accrual concept and the matching principle of generally accepted accounting principles.

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3 years ago

At its current output level, Pretty Flowers Florist has average fixed costs equal to $5.40 and average variable costs equal to $

lapo4ka [179]

Answer:

The correct option is D: $8.60

Explanation:

Average fixed cost of Pretty Flowers = $5.40

Average variable costs of Pretty Flowers = $3.20

We are asked to calculate the Average total cost of Pretty Flowers at this current level

Hence:

Average total cost Pretty Flowers = Average fixed cost of Pretty Flowers + Average variable costs of Pretty Flowers

If we substitute the value of these variables in the equation, we get:

Average total cost Pretty Flowers = $5.40 + $3.20 = $8.60

3 0

3 years ago

Read 2 more answers

What problems could develop if the us became too dependent on other nations for goods and services

xeze [42]

Answer:

TRADE DEFICIT

FOREIGN CURRENCY RESERVE DEPLETION

LOCAL CURRENCY DEVALUATION

RECESSION

POTENTIAL UNEMPLOYMENT

Explanation:

The problem that could develop if the U.S. became too dependent on other nations for goods and services are:

1. Trade deficit because when a country imports more than it exports it runs a trade deficit.

2. Foreign Currency Reserve Depletion: If the U.S. has to import so much from other countries, it will need to increase its foreign reserve because that is how it will pay for such imports. Otherwise the foreign reserve will be hugely depleted

3. Local Currency Devaluation. Reliance on exports can devalue the worth of the local currency because the demand of the foreign currency will be high in relation to local currency and people will be willing to pay more to get foreign currency, which will devalue the local currency

4. Recession: If the United States is reliant on OPEC countries for Oil and an embargo is placed on oil export from those, the U.S. will suffer a recession.

5. Potential Unemployment: Imports of finished goods will cripple local industries who will be forced to compete with the international firms whose goods and services are being imported; and those employed in such industries might loose their jobs, if the small local enterprises are unable to survive such competition.

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3 years ago

You are considering a project with projected annual cash inflows of $32,200, $41,800, $22,900 for the next three years, respecti

mestny [16]

Answer:

The value of the project today is $75,866

Explanation:

Net present value is the Net value all cash inflows and outflows in present value term. All the cash flows are discounted using a required rate of return.

Years 1 2 3

Cash Flows $32200 $41800 $22,900

Discount Factor 14% 0.8772 0.7695 0.6750

Present Values $28,245.61 $32,163.74 $15,456.85

Net present value = $75,866.20

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3 years ago

When comparing Mexico to Scotland, you would expect Scottish workers to have ________. more satisfaction worse working condition

Fudgin [204]

When comparing Mexico to Scotland, you would expect Scottish workers to have greater productivity and higher labour cost per worker

Explanation:

One may expect that a Scotland plant will be less labour intensive and efficient per worker than just Mexican facilities as a more advanced technological nation and that "higher productivity and low labour cost" will be the right answer.

Both possibilities for lower productivity can be excluded as they demonstrate lower productivity. "Higher productivity, but less energy per job" is not the solution because it recognises lower labour costs per worker rather than higher.

The increase in labour productivity relies, according to certain studies, on three key factors: innovation and capital goods saving, modern technology and human capital.

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3 years ago