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laiz [17]
3 years ago
8

A law firm received $2,500 cash from a client for legal services to be rendered in the future. The full amount was credited to t

he liability account Unearned Service Revenue. If the legal services have been rendered as of the last day of the accounting period, but no adjusting entry is made, this would cause
a.expenses to be overstated.
b.net income to be overstated.
c.liabilities to be understated.
d.revenues to be understated.
Business
1 answer:
Savatey [412]3 years ago
5 0

Answer:

D.

Revenues to be understated

Explanation:

Understated amounts indicate a reported amount is not correct and the reported amount is less than the true amount.

You might be interested in
I make 100,000 a day but i need more how can i get more without customers getting mad??
Nesterboy [21]

Answer:

Just work hard and be fast

Explanation:

Just work and be fast! People at the back wont get mad because you are a hardworking/fastworking man/woman!

3 0
2 years ago
In at least two complete sentences, explain why a traveler will need to visit a currency exchange. Include how exchange rates ar
Ugo [173]

It is necessary for a traveler to visit the currency exchange, if he/she is traveling to foreign countries. The currency of his country is exchanged against the currency to which it is pegged.

The exchange rate of the currency can be determined in two ways: fixed rate and floating rate.  

<u>Explanation</u>:

The currency exchange is a business that has the legal right to exchange the currency of one country with the currency of another country. This type of business is known as foreign exchange market.

It is necessary for a traveler to visit the currency exchange, if he/she is traveling to foreign countries. Each and every country has unique currency system. It is necessary to get the currency of the country we are visiting.

The exchange rate of the currency can be determined in two ways: <u>fixed rate </u>and <u>floating rate</u>.

The exchange rate of the currency is decided by the government based on the market force and geopolitical condition.

5 0
3 years ago
The board of directors of Testa Incorporated has decided that they would like to declare a $400,000 cash dividend at some point
Elden [556K]

Answer:

Approval and the declaration by the board of directors

Explanation:

The three key requirement for a company to pay dividends are adequate retained earnings , adequate cash and the declaration and approval of the board of directors.

Looking at the provided information for Tesla incorporation ,what is missing is the Approval of the board through declaration of payment.

It was still an intention , so the declaration is still necessary for payment. Other conditions like adequate cash balance and retained earning are are already met

3 0
3 years ago
You purchased a bond at a price of $1,700. In 20 years when the bond matures, the bond will be worth $10,000. It is exactly 13 y
Mars2501 [29]

Answer:

<u>Annual rate of return which will be earned from today is 5.89%</u>

Explanation:

FV = PV (1+r)^n

r is int Rate per anum abd n is balance period

10000 = 6700 ( 1 + r)^n

10000 = 6700 ( 1 + r)^7

( 1 + r)^7 = 10000 / 6700

= 1.4925

1+r = 1.4925^(1/7)

= 1.0589

r = 1.0589- 1

= 0.0589 i.e 5.89%

6 0
3 years ago
Why do you think employers prefer mesages that are not written like high school and college essays?
NemiM [27]

Answer:

I think the main reason employers don't want to see a message in essay form either high school or college is that they don't need all the add nformation to the message. No need for big words and thoughts on how you feel about the matter. They want you to get to the point and not go on and on about the subject.

4 0
3 years ago
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