Answer:
Explanation:
1. The journal entries are shown below:
On December 1
Cash A/c Dr $1,260
To Deferred Service Revenue $1,260
(Being cash is received)
On December 31, 2016
Deferred Service Revenue $420 ($1,260 ÷ 3 months)
To Service revenue $420
(Being service revenue is recorded)
2. Income statement
Earned income from car washing services $420
Balance sheet
Assets
Cash $1,260
Liabilities
Deferred Service Revenue $840 ($1,260 - $420)
Answer:
(B) $45,000.
Explanation:
The preparation of the Cash Flows from Operating Activities—Indirect Method is shown below:
Cash flow from Operating activities - Indirect method
Net income $74,000
Adjustment made:
Add : Depreciation expense $52,000
Less: Increase in accounts receivable -$36,000
Less: Increase in inventory -$16,000
Less: Decrease in accounts payable -$29,000
Total of Adjustments -$29,000
Net Cash flow from Operating activities $45,000
Neutrality is the characteristic that a new accounting standard should not favor one group of companies over others or achieve a particular social outcome. Because management wants to see the company grow, financial statements created by the corporation are by definition slightly skewed. This implies that they are more likely to indicate improved performance while omitting to disclose negative incidents.
Management must produce entirely objective financial accounts in order to be neutral. For instance, a business that has knowledge of a potential lawsuit must record it in its financial statement notes. The financial statements would become unreliable in the eyes of creditors and outside investors if this information were withheld.
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Answer:
2.79 quarters, so almost 3 quarters or 9 months
Explanation:
We write the equation, and solve it. To solve for x, as x is an exponent, we must use logarithms.
Answer:
Unanticipated effect.
Explanation:
The concept of unanticipated effect can be defined as those consequences that are unitended or unanticipated in affect of certain actions taken by people-or government. The term was coined by Robert K. Merton.
When the government make certain decisions, they may produce certain consequences or effects that were not intended or intentional.
<u>In the given case, the dependence of America on gasoline and diesel-powered vehicles have both negative and positive effects. These effects are not intended but are produced as a consequence of the actions of the government.</u>
Thus the correct answer is unanticipated effect.
