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m_a_m_a [10]
3 years ago
14

Ted Catering received $1,180 cash in advance from a customer for catering services to be provided in three months. Determine the

general journal entry that Ted Catering will make to record the cash receipt. Assume the company’s policy is to initially record prepaid and unearned items in balance sheet accounts.
Business
1 answer:
Serhud [2]3 years ago
5 0

Answer:

Debit cash for $1,180

Credit unearned catering revenue for $1,180

Explanation:

Unearned revenue refers to the amount of money that is received in cash by a company for goods that are yet to be delivered or services that yet to be rendered.

The $1,180 advance payment received by Ted Catering is unearned catering revenue. The eneral journal entry that Ted Catering will make to record the cash receipt wil appear as follows:

<u>Account title                                  Dr ($)             Cr ($)        </u>

Cash                                               1,180

Unearned catering revenue                               1,180

<em><u>(To record unearned catering revenue.)                               </u></em>

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assume that the price of a $1,000 zero-coupon bond with five years to maturity is $567 when the required rate of return is 12 pe
Gelneren [198K]

The price elasticity of the bond, based on the years to maturity and the required rate of return is -0.494

<h3>How to find the price elasticity of he bond?</h3><h3 />

First, find the new price of the bond:
= 1, 000 / ( 1 + 15%)⁵

= $497

The change in price:

= (497 - 567) / 567

= -12.3%

Then find the percentage change in the required rate of return:

= (15 - 12%) / 12

= 25%

The price elasticity of the bond is:

= -12.3% / 25%

= -0.494

Find out more on price elasticity at brainly.com/question/5078326

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3 0
1 year ago
At a price of $4.00 each, shape magazine sells 1.25 million copies of its magazine targeted to young women seeking a healthier l
ivann1987 [24]
Selling price = $4.50
Copies sold = $1 million
Fixed costs = $1 million
Unit variable costs = $0.50 per magazine 

Sales = $4,500,000
Fixed costs = $1 million
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Revenue = Sales - fixed costs - variable costs 
Revenue = $4,500,000 - $1,000,000 - $500,000
Revenue = $3,000,000
4 0
3 years ago
Norred Corporation has provided the following information: Cost per Unit Cost per Period $ 121,500 $ 44,500 Direct materials Dir
svetoff [14.1K]

Answer:

$134,300

Explanation:

The computation of total manufacturing  overhead is shown below:-

Variable manufacturing overhead = Variable manufacturing overhead cost per unit × Units produced

= $1.60 × 8,000

= $12,800

Total Manufacturing overhead = Variable manufacturing overhead + Fixed manufacturing overhead

= $12,800 + $121,500

= $134,300

So, for computing the total manufacturing overhead we simply applied the above formula.

5 0
3 years ago
How long do you have to serve in the military to receive benefits?
Fittoniya [83]
I believe it would require one year in the military.
4 0
3 years ago
Edwards Electronics recently reported $11,250 of sales, $5,500 of operating costs other than depreciation, and $1,250 of depreci
PIT_PIT [208]

Answer:

$3,210.94

Explanation:

The NOPAT of the Edwards electronics can be determined through the following mentioned method.

Sales:                                 $11,250

Operating costs:               ($5,500)

Depreciation:                    ($1,250)

Interest payment              ($218.75)

($3,500*6.25%)

Profit before tax               $4,281.25

Taxes(25%)                       ($1,070.31)

NOPAT                              $3,210.94

7 0
4 years ago
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