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Lana71 [14]
3 years ago
6

A company receives payment from one of his customers on August 5 for service performed on July 21. Which of the following entrie

s would be recorded if the company uses accrual basis accounting?
a) account payable 1000
cash 1000
b) cash 1000
account receivable 1000
c) service revenue 1000
cash 1000
d) cash 1000
service revenue 1000
Business
1 answer:
Anettt [7]3 years ago
4 0

Answer:

b) cash 1000

account receivable 1000

Explanation:

Since in the question it is given that the company received payment from one of his customers on August 5 for the service performed on July 21

So under the accrual basis accounting, the journal entry is as follows

Cash Dr $1,000

     To Account receivable $1,000

(Being the payment received is recorded)

While debiting the cash and credited the account receivable

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Wayman Corporation reports the following amounts in its December 31, 2018, income statement. Sales revenue $ 376,000 Income tax
NemiM [27]

Answer:

                                          <u>Wayman Corporation</u>

                <u>Income statement for the year ended December 31, 2018</u>

                                                        Amount in $       Amount in $

Sales revenue                                                              432,000    

Cost of goods sold                                                       <u>(136,000)</u>

Gross profit                                                                  296,000

<u>Operating expenses</u>

Salaries expense                                   46,000

Advertising expense                             36,000

Utilities expense                                    56,000          (138,000)

Operating income                                                         158,000

<u>Non-operating or other</u>

Interest expense                                                           (26,000)

Income before income taxes                                        132,000

Income tax expense                                                    <u> (56,000)</u>

Net income                                                                  <u> </u><u>   76,000</u>

Explanation:

A multiple income statement is one in which incomes and expenses are classified under operating and non-operating heads. Like other forms of income statement, it shows the income and expenses of an entity for a given period of time.

5 0
3 years ago
Which would be a negative externality of increased satellite usage worldwide?
Digiron [165]
<span>The correct option is A. One of the disadvantages of satellite usage is the cluttering of the earth orbital with hazardous debris. Satellite usage has some other disadvantages, these include: high cost, unreliable signal, propagation delay and repair. It is extremely difficult to repair a damaged satellite.</span>
3 0
3 years ago
1. When a business finds it necessary to layoff some employees (due to slowing sales), what positive effects might this have for
Artist 52 [7]

Answer:

PART A

(1) To reduce wastages

(2) To increase profit margin

(3) To reduce cost of operations.

PART B

(1) NO,he is not included

(2) Because he is unable to work or be gainfully employed.

Explanation:

Layoff is a manpower management process through which Organisations down size their manpower strength or number in order to meet certain specified Objectives. Layoffs usually takes place in Organisations that are not meeting their Strategic objectives such profit making,cost reduction and Control etc.

Unemployment is a term used to describe the inability of a person or group of persons who are willing and have the capacity to work but could not secure gainful employment in an economy.

MR. SMITH DOES NOT HAVE THE CAPACITY TO WORK,HENCE HE CAN NOT BE INCLUDED IN THE UNEMPLOYMENT STATISTICS.

3 0
2 years ago
Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows
Alexxandr [17]

Answer: should be b

Explanation:

4 0
3 years ago
Describes how a monopoly controls an industry
stira [4]

Answer:

Key ideas:

  • A single entity controls the flow of the product.
  • Possesses the power to limit prices.
  • Will have some influence in politics.
  • Difficult for new companies to enter the market.

Explanation:

Monopoly refers to the state when there is only one company controlling the flow of products, therefore controlling the prices of it. There are a lot of examples of monopoly in the contemporary era such as AB Inbev, but it doesn't mean that it is totally a modern concept. Monopoly existed even in history take for example the case of Carnegie steel mills or the issue of railroads.

When one company possess such power that it can control the price, it can badly damages the interest of other investors and consumers. But the reason they create a monopoly is that they have heavy influence in politics. That is how they turn up the decisions to their own benefits. And monopolies always try to create hurdles for new investors to get in the market. Because they are charging whatever they want due to no competition, as soon as new competition arrive it will challenge the monopoly which it can't take.

3 0
3 years ago
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