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Vikki [24]
4 years ago
13

At the beginning of the month, Bobcat Boards and Skis received $800 in advance for future services to be performed. At the end o

f the month, $300 worth of services were still owed to the customer. Select the adjusting entry that should be recorded at the end of the accounting period.
Business
1 answer:
finlep [7]4 years ago
6 0

Answer:

The adjusting entry that should be recorded at the end of the accounting period:

Debit Unearned revenue $500

Credit Revenue $500

Explanation:

Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.

Bobcat Boards and Skis received $800 in advance for future services to be performed. At the end of the month, $300 worth of services were still owed to the customer.

The value of services were performed = $800 - $300 = $500.

The adjusting entry:

Debit Unearned revenue $500

Credit Revenue $500

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Which statements about Section 1231 assets are true? Pick all that apply!!
dem82 [27]

Answer:

The answer is below

Explanation:

Given that Section 1231 assets are a term that is used to describe the real or depreciable trading property acquired for more than a year. For example, landed property, buildings, etc.

Hence, in this case, the correct answer or statement to the question are:

1. If Section 1231 assets are sold and the taxpayer has a realized loss, the loss is a fully deductible ordinary loss

2. If Section 1231 assets held long-term are sold for a realized gain, the taxpayer has a potential long term capital gain that may be taxed at favorable capital gains rates but this result often does not occur

4 0
3 years ago
A general contractor is managing a construction project that will add a new conference room to an existing office building. The
professor190 [17]

Answer:

A) Using a change management system to influence performance

Explanation:

First of all, since the change was proposed by the customer, any delay in the construction project caused by their new request should not trigger the damage clause.

The contractor should use a change management system so the existing baseline is not altered by the delay. A change management system is responsible for managing all the changes that might occur during the project's inception until its completion. It is important that all changes or alterations to the original schedule are properly recorded and authorized (in this case to prevent the damage clause).

By using the change management system, the organization has a standardized methodology for handling changes in the project's schedule. This way any negative impact can be reduced.

6 0
3 years ago
When the activity level changes, ______. Multiple select question. total variable cost changes variable cost per unit changes to
miskamm [114]

When there is a change in activity level, then:

  • Total variable cost changes.
  • Variable per unit remains constant.

<h3>What happens when activity level changes?</h3>

As a result of the change in activity level, the variable cost will change in total because it increases when there is an increase in number of units produced.

The unit variable cost will however remain the same as the company incurs the same variable cost per unit produced.

Find out more on variable cost per unit at brainly.com/question/26373444.

8 0
2 years ago
What is the difference between real and nominal gross domestic product. A. Nominal GDP for a given year is measured in dollars o
Genrish500 [490]

Answer:

Option A Nominal GDP for a given year is measured in dollars of that year, whereas real GDP is measured in dollars of some based year

Explanation:

The reason is that the nominal GDP includes the affects of inflation of the year whereas Real GDP is inflation excluded amount which means its tells GDP in terms of base year prices. The difference between the nominal GDP and the real GDP is because of inflation which is the only additional thing in the nominal GDP. So the best answer here which gives this explanation is option A.

7 0
3 years ago
The Puyer Corporation makes and sells only one product called a Deb. The company is in the process of preparing its Selling and
bezimeni [28]
Total= $159,552



Giving the following information:
The company has budgeted to sell 15,600 Debs in February.
Sales commissions $ 0.96*15,600= 14,976
Shipping $ 1.46 *15,600= 22,776
Executive salaries $ 60,600
Depreciation on office equipment $ 20,600
Other $ 40,600
Total= $159,552
8 0
3 years ago
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