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4 years ago

For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31.

Business

1 answer:

Anastaziya [24]4 years ago

5 0

Answer:

Step 1) The current balance equals to $ 9000

Step 2)The current balance should equal to (9000/12 * 10) $ 7500

Step 3) the adjusting entry would be

Dec 31 Unearned Revenue $ 1500 (dr)

Revenue Earned $ 1500 (Cr)

Step 1) The current balance equals to $ 400.

Step 2) The current balance should equal $ 100

Step 3) The adjusting entry would be

Dec 31 Unearned Services Revenue $ 300 (dr)

Services Revenue Earned $ 300 (Cr)

Step 1) The current balance equals to $ 3000.

Step 2) The current balance should equal ( $ 30,000/12 *4= $ 10,000) $ 30,000- $ 10,000= $ 20,000

Step 3) The adjusting entry would be

Dec 31 Unearned Rent Revenue $ 10,000 (Dr)

Rent Revenue Earned $ 10,000 (Cr)

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Jamie is single. In 2012, she reported 100,000 of taxable income, including a long-term capital gain of 5,000. What is her gross

Maurinko [17]

Answer:

Gross tax liability is $17,725. None of the options is correct.

Explanation:

For capital gain tax rate is 15%

-> 5.000 * 15% = 750.

Total gross tax liability is 16.974.5 + 750 = 17.725

The amount 16.974 is calculated based on the table attached in this answer.

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4 years ago

Some politicians claim to support the environment in speeches they make around the country. However, to get to those speeches th

FrozenT [24]

Answer: Improvement to the environment brought about through the politicians' public support of environmental regulations more than offset the damages done to the environment by the politicians' private plane.

Explanation:

The above answer accept the fact that the politicians' affect the environment negatively by their planes but this has been erased by their more positive contribution to the economy through environmental regulations.

The fact that politicians' hide the facts that they travel by private plane in their speeches or that the people are not convinced of their speeches as regards the environment or the majority of people believe that they make society problem worse non of these debunks the claim that the politicians' do not believe what they say but are only making the environment worse by flying in private plane that pollutes the environment.

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4 years ago

Neartopia has 100 million adult citizens. Of these, there are 50 million full-time workers and 10 million part-time workers. The

ohaa [14]

Answer:

I think the question is: ¿What is the Neartopia unemployment rate?

Explanation:

The answer is: 14.3% unenmployment rate

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3 years ago

How is depreciation accounted for if disposal of a plant asset occurs during the year? A : It is not recorded for the year. B :

Brrunno [24]

Answer:

C : It is recorded for the fraction of the year to the date of the disposal.

Explanation:

Depreciation is the expense charged for providing against benefits arising through the assets. When any assets are to be sold, then depreciation is to be provided against the time period it is used as the benefit have been received for such.

Therefore, even in case of sales of the asset, the depreciation is provided for the period, it is in the books, and held in hand.

Therefore, the correct statement is:

Statement C

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3 years ago

CMN Inc. uses LIFO and has experienced increasing costs since its founding. CMN disclosed that the LIFO reserve (also known as t

Neporo4naja [7]

Answer:

$20 million

Explanation:

The computation of the ending inventory if FIFO is used

= LIFO reserve + Ending inventory based on LIFO inventory

= $3 million + $17 million

= $20 million

We simply added the LIFO reserve and LIFO ending inventory so that FIFO ending inventory can be computed. Hence, we take all the items for the computation part.

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4 years ago