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liq [111]
3 years ago
11

A roofing company collects fees when jobs are complete. The work for one customer, whose job was bid at $3,900, has been complet

ed as of December 31, but the customer has not yet been billed. Assuming adjustments are only made at year-end, what is the adjusting entry the company would need to make on December 31, the calendar year-end?
Business
1 answer:
3241004551 [841]3 years ago
3 0

Answer:

Debit Accounts Receivable, $3,900;

Credit Roofing Fees Revenue, $3,900

Explanation:

Here, no cash transaction was involved. Since the job has been completed but  the customer has not been billed yet, this simply means it has to be debited with accounts receivable, which is recognised as current asset and recognised as revenue for the period, hence needs to be credited.

This means that accounts receivable has to be debited with the amount of $3,900 while roofing fees revenue has to be credited with the amount of $3,900

Considering the above, the adjusting entry the company would need to make on December 31, the calendar year-end would be:

Debit Accounts Receivable, $3,900;

Credit Roofing Fees Revenue, $3.900

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A married couple filing a joint tax return with combined income under $40,000 both contribute to their self-directed IRAs. Which
serious [3.7K]

Answer:

The answer is: D) growth mutual funds

Explanation:

Since the couple doesn't have that much money to invest and they probably can't afford high investment risks, my best advice would be to invest in mutual funds. Mutual funds provide diversified investments which are generally low risk and long term.

4 0
2 years ago
Victoria Enterprises expects earnings before interest and taxes ​(EBIT​) next year of $ 2.5 million. Its depreciation and capita
Law Incorporation [45]

Answer:

Value of Victoria Enterprises=  $21,498,285.71  

Explanation:

<em>Free cash flow represents the amount that is left to all the providers of capital after the payment of all all operating expenses, working capital and investment in fixed asset expenditures. </em>

It is computed as cash flow made from operation less capital expenditures

For Victoria Enterprises

The Free cash flow

= EBIT(1-T) + depreciation- increase in capital expenditure - increase in working capital

= 2.5 × (1-0.4) + 0.295 - 0.295 - 0.053

= 2,500,000 × (1-0.4) + 295,000 -295,000- 53,000

FCFF= $1,447,000

Value of a firm = FCFF (1+g)/(WACC-g)

g- growth rate - 4%, WACC- 11%, FCFF-1,447,000

Value of Victoria = 1,447,000 × (1+0.04)/(0.11- 0.04) =  21,498,285.71  

Value of Victoria=  $21,498,285.71  

3 0
3 years ago
Next Saturday, best friend, Sol, and I will have separate acts in a citywide talent contest. But we've just made a _____ with ea
Bas_tet [7]

Answer:

truce

Explanation:

Here is the full question :

Next Saturday, my best friend. Sol and I will have separate acts in a citywide talent contest. But

we've just made a _____with each other that will help us from feeling jealous if one of us

wins and one loses. We've decided that if one of us wins that person will share the prize money

with the other one.

Which word BEST completes the sentence?

truce

alliance

treaty

pact

A truce is an agreement between people to stop fighting for a limited.

Sol and his best friend made an agreement that would stop them from fighting

A pact is an agreement between people

3 0
2 years ago
Read 2 more answers
In early July, Damon Rutton purchased a $70 ticket to the December 15 game of the Sarasota Shippers. Parking for the game was ex
Bingel [31]

Answer:

Sunk cost will be = $70

Explanation:

Sunk Cost refers to the cost for which the amount has been already spent, and cannot be recovered. These are generally incurred and then not regarded for decision making as irrespective of decision being viable or not this cost cannot be avoided.

In the given instance, Damon Rutton Purchased the ticket of $70

This is the only cost which has already been incurred, else other costs of parking and food will only be incurred if he visits the game of Sarasota Shippers.

When he spend some time with his wife sunk cost will be = $70

8 0
3 years ago
Which education level has the highest return on investment (ROI)? ABachelor's Degree (4 years of college) BROI is equal for all
Bad White [126]
<span>A. A Bachelor's Degree This has the highest rate of investment because with the other options like a high school diploma, the person who gets such certificate can only earn minimum wage. However, with a 4 years Bachelor's degree the person can earn more and will live according to certain societal standards.</span>
8 0
3 years ago
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