Answer:
See explanation section
Explanation:
(a) December 1 Cash Debit $18,000
Unearned revenue Credit $18,000
<em>Note: The company received the money in advance for a contract to do during December to April. Therefore, they received cash while a liability increased due to receiving advance money.</em>
(b) December 31 Unearned revenue Debit $3,600
Service revenue Credit $3,600
<em>Note: As the company started performing, after the completion of 1st month, i.e., December 1 to December 31, the advance money started expiring because of providing services. Moreover, as the service is performed evenly for 5 months, the 1st month's revenue = $(18,000/5) = $3,600.</em>
Answer:
December 31, 2022, amortization expense of copyright
Dr Amortization expense 19,500
Cr Copyright 19,500
December 31, 2022, amortization expense of patent
Dr Amortization expense 10,000
Cr Patent 10,000
No journal entry required for the Goodwill since its useful life is indefinite
Answer:
Answer:
I realized that sports is my thing, although I'm not that athletic. I always have a blast whenever I'm engaging in sports. I also like watching it on television.
I fell in love with sports because exercise is good for our health. Engaging in sports also help improve my mood and boost my energy.
#BrainliestBunch
Answer:
None of the fixed costs are avoidable. Therefore the company now loses all the fixed costs and the positive contribution margin.
Explanation:
Giving the following information:
Wood Aluminum Hard Rubber
Total Sales $65000
Variable expenses (58000)
Contribution margin 7000
Fixed expenses (22000)
Net income (loss) (15000)
Effect on income= -22,000 - 7,000= -29,000
None of the fixed costs are avoidable. Therefore the company now loses all the fixed costs and the positive contribution margin.
