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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.

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A corporation has 40,000 shares of $25 par value stock outstanding. If the corporation issues a 3-for-1 stock split, the number
Grace [21]

A corporation has 40,000 shares of $25 par value stock outstanding. If the corporation issues a 3-for-1 stock split, the number of shares outstanding after the split will be 120,000 shares.

Stocks are gadgets of fair ownership in an agency. For a few businesses, shares exist as an economic asset providing for an identical distribution of any residual profits, if any are declared, in the shape of dividends.

In monetary markets, a share is a unit used in mutual finances, limited partnerships, and real estate funding trusts. Percentage capital refers to all of the stocks of an agency. The owner of shares within the agency is a shareholder of the business enterprise.

A share is referred to as a unit of possession that represents the same share of a business enterprise's capital. A percentage entitles the shareholders to an equal declaration of earnings and losses of the employer. There are majorly sorts of shares i.e. equity stocks and desire stocks.

Learn more about shares here brainly.com/question/25630152

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3 0
1 year ago
Procter & gamble is well known for its use of __________ branding because every product in p&g's portfolio has a differe
taurus [48]

Answer:

Individual branding

Explanation:

Procter & gamble is well known for its use of individual branding because every product in p&g's portfolio has a different brand name.

Individual branding can be defined as a market strategy in which every products sold by a firm has its own unique brand name. Individual branding can also be called "multibranding", "individual product branding", and "flanker brand".

Firms utilizes individual branding strategy in order to target different market segment. Individual branding helps to protect the other products produced by a company if one of them fails.

Each brand produced has a unique identity and name even though they are produced by the same firm. This allows the firm to to separate the image and reputation of each product and fix a different price for each product.

8 0
3 years ago
A financial ratio by itself tells us little about a company since financial ratios vary a great deal across industries. There ar
Sergio [31]

Answer:

When doing time trend analysis for financial ratios we can know how a company's ratio's have changed over time or if they have remained the same, so for example if a company's current ratio was less than 1 a year ago and is 3 now it means that the company was not very liquid a year ago but since then has made changes because of which it is liquid now, so we can see how a company has performed over a certain period of time.

On the other hand peer group analysis tells us how a company is performing compared to other companies in the same industry. For example if our cement company has a profit margin of 7% but the industry average is 15% we know that our company is doing something wrong  or different as compared to the industry and we can look into it.

Explanation:

3 0
3 years ago
The Blue Hydrangea Law Firm prepays for advertising in the local newspaper. On January​ 1, the law firm paid $ 7 comma 700 for s
Ivahew [28]

Answer:

$7,700

Explanation:

There are two basis of accounting. These are the cash and accrual basis. In the cash basis of accounting, expenses are full recognized only when cash has been paid.

Hence unlike in the accrual basis where the payment or non payment results in the recognition of the expense once it has been incurred (and a corresponding asset or liability in form of prepayments and accrued expense), expenses under the cash basis of account would always result in a debit to expense and a credit to cash.

As such, if On January​ 1, the law firm paid $ 7 comma 700 for seven months of advertising, this will be recognized as the expense for the two months ending February 28 under the cash basis.

6 0
3 years ago
During its first year of operations, a company entered into the following transactions: Borrowed $20,000 from the bank by signin
Alenkinab [10]

Answer:

$62,400

Explanation:

Assets are Economic resources controlled by the entity as a result of past events from which cash is expected to flow into the business.

Assets include the following Amounts:

Cash from Bank Note              $20,000

Cash from Stock Issues           $40,000

Supplies Inventory                     $4,000

Payment for Supplies                ($1,600)

Total Available Assets             $62,400

5 0
3 years ago
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