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zaharov [31]
3 years ago
13

Golddigger services inc. provides services to clients. on may 1, a client prepaid golddigger services $65,000 for 6-months servi

ces in advance. golddigger services' general journal entry to record this transaction will include a:
Business
1 answer:
Nikolay [14]3 years ago
6 0
If these are the missing choices:
a.Debit to Unearned Revenue for $65,000.
b.Credit to Management Fee Revenue for $65,000.
c.Credit to Cash for $65,000.
d.Credit to Unearned Revenue for $65,000.
e.<span>Debit to Management Fees Revenue for $65,000.

My answer is: D. Credit to Unearned Revenue for $65,000.

May 1 journal entry will also have a debit of Cash for $65,000.

Since it is a prepayment, it means that Golddigger Services Inc. has a liability to perform the services that have been prepaid.

May 31 journal entry will have a debit to Unearned Revenue and a credit to Earned Revenue for 10,833.33. This is for the services earned for the 1st month.

65,000 / 6 months = 10,833.33 per month.



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Answer:

If the environment changes then the businesses will make products you need in that environment so consumers will buy more of that product because they need it. For example, if it's summer you need new summer clothes so companies will start to make summer clothes so people will buy them instead of winter or fall clothes because of the environment. So businesses are getting money and the consumers are getting what they need or want.  

8 0
2 years ago
Intellectual capital alludes to substantial resources and assets of a venture that are caught by traditional accounting reports.
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Answer: False

Explanation:

Intellectual capital simply refers to the intangible assets and the resources that helps in the contribution to the value of a particular company or enterprise and help such company to gain competitive advantage over its counterparts.

It should be noted that these assets and resources aren't caught by the traditional accounting reports.

The above statement means that the statement in the question is wrong. Intellectual capital are not caught by traditional accounting reports.

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2 years ago
Your father is about to retire, and he wants to buy an annuity that will provide him with $84,000 of income a year for 25 years,
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reach us to get instant help with your assignments https://toplivewriters.com

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3 years ago
The management of Metro Printers is considering a proposal to replace some existing equip- ment with a new highly efficient lase
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Net present value of proposal $168,166

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3 years ago
Golden has a receivable due in 30 days for 30,000 euros. The treasurer is concerned that the value of the euro relative to the d
attashe74 [19]

Answer:

The answer is c. Enter into a forward contract to sell 30,000 euros in 30 days

Explanation:

The risk Golden is facing is the exchange rate risk. Specially, as of the firm's concern, 30,00 euros they will receive in 30 days will not be worth as much as it is now because the Euro is expected to be depreciated against the firm's domestic currency.

So, they may enter into a forward contract allowing them to sell 30,000 euros in 30 days ( take short position in Euro) at pre-determined exchange rate. By doing so, they effectively eliminate the exchange rate risk by lock-in the exchange rate at the day they receive 30,000 euro.

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3 years ago
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