1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Cerrena [4.2K]
3 years ago
14

Merry Maidens Cleaning generally charges $300 for a detailed cleaning of a normal-size home. However, to generate additional bus

iness, Merry Maidens is offering a new-customer discount of 10%. On May 1, Ms. E. Pearson has Merry Maidens clean her house and pays cash equal to the discounted price. Required: Record the revenue recognized by Merry Maidens Cleaning on May 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Kipish [7]3 years ago
7 0

Answer:

The required entries relating to revenue recognized by Merry Maidens Cleaning on May 1 are:

Debit Cash [$300 x 0.9]                        $270

Credit Service revenue                         $270

<em>(To recognize the service revenue from house cleaning)</em>

Explanation:

Merry Maidens Cleaning offers service discount of 10% on a detailed cleaning of a normal-size home and charges $300, generally. This means, on May 1, Ms. E. Pearson was charged $270 ($300 x 0.9). Since the customer paid cash on the same date, the company would recognize it by debiting cash (for receipt of the money) and crediting revenue. Note that this does not necessarily means the company adopts the cash basis of accounting.

You might be interested in
Sheridan Company began the year with retained earnings of $659000. During the year, the company recorded revenues of $600000, ex
Margarita [4]

Answer:

C. $737,500

Explanation:

The formula to compute the ending balance of retained earning is shown below:

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

= $659,000 + $220,000 - $141,500

= $737,500

The net income is calculated below:

= Sales revenues - expenses

$600,000 - $380,000

= $220,000

3 0
2 years ago
Name a car manufacture that are not included in this list
den301095 [7]

Answer:

KIA, Hyundai

Explanation:

3 0
2 years ago
Read 2 more answers
If the government decided that each family needs a minimum income of $25,000 and promised to make up the difference between what
Amiraneli [1.4K]

Answer:

d. All of the above are correct.

Explanation:

In the case when the government decided that each kind of family required atleast income i.e. $25,000 so it would decrease the work incentive for earning till to $25,000 also it should be taxed by the government. In addition to this, in the case when the workers are discouraged so they miss on the job training and limits their capability for improving out their skills

So as per the given scenario, the option d is correct

7 0
3 years ago
Smashed pumpkins co. Paid $200 in dividends and $624 in interest over the past year. The company increased retained earnings by
Maru [420]

Dividends that were paid last year = $200

Retained earnings = $522

Net Income = Retained earnings + Dividends paid = 200+522 =722

Tax rate was 38%.

Earnings before tax (EBT) = Net income/ (1-tax rate) =722/(1-0.38) = 1,164.52

Interest expense= 624

Earnings before interest and tax (EBIT) = EBT + interest expense = 1,164.52 + 624 = 1,788.52

Earnings before interest and tax (EBIT) = 1,788.52


3 0
3 years ago
Steady-state means:
Setler [38]

Answer:

the price of bonds will tend to

fall!

Explanation:

the price of bonds will tend to

fall!investment the price of bonds will tend to

fall!the price of bonds will tend to

fall!investment = depreciationinvestment = depreciationinvestment = depreciationthe price of bonds will tend to

fall!investment = depreciationinvestment = depreciationinvestment = depreciationinvestment = depreciationinvestment = depreciation depreciation

7 0
2 years ago
Other questions:
  • Assume that you manage a $10.00 million mutual fund that has a beta of 1.05 and a 9.50% required return. The risk-free rate is 2
    13·1 answer
  • What must be the beta of a portfolio with e(rp) = 13.75%, if rf = 6% and e(rm) = 11%? (round your answer to 2 decimal places.) b
    8·1 answer
  • Which of these situations would give rise to the free-rider problem? Items (6 items)
    7·1 answer
  • 80 points! Please help!! You have been invited to give a speech at a local restaurant. The person who is hosting the event has a
    12·1 answer
  • What happens when a price floor is imposed above the equilibrium price of a good?
    12·1 answer
  • Tim and Tammy are updating their financial plan and are concerned that they might not have enough life insurance coverage for th
    14·1 answer
  • Bonner Corp.'s sales last year were $345,000, and its year-end total assets were $355,000. The average firm in the industry has
    10·1 answer
  • Marcus finds that a check written by a customer and deposited has not yet been posted
    14·1 answer
  • The following information pertains to one item of inventory of the Simon Company: Per unit Cost $ 200 Replacement cost 170 Selli
    5·1 answer
  • The+ebit+of+a+firm+is+$300,+the+tax+rate+is+35%,+the+depreciation+is+$20,+capital+expenditures+are+$60+and+the+decrease+in+net+w
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!