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zzz [600]
3 years ago
5

Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: Accepted $18,800 on April

1, Year 1, as a retainer for services to be performed evenly over the next 12 months. Performed legal services for cash of $62,000. Purchased $1,100 of office supplies on account. Paid $990 of the amount due on accounts payable. Paid a cash dividend to the stockholders of $5,900. Paid cash for operating expenses of $18,300. Determined that at the end of the accounting period $135 of office supplies remained on hand. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1.
Business
1 answer:
Elena L [17]3 years ago
6 0

Answer:

 $76,100  

Explanation:

This calculation is based on the recognition principle of accrual accounting which sates that revenues must recognized when they are earned and expenses accounted for when they are incurred no matter when cash is received or paid.

Therefore, only 9 months (i.e. April 1 - December 31 = 9 months) of the retainer will be recognized or used in the calculation of total revenue as follows:

1. Monthly retainer for services = $18,800 ÷ 12 = $1,566.67  

2. Year 1 service retainer (April 1 - December 31) = $1,566.67 × 9 months

                                                                                = $14,100

3. Total revenue = Year 1 service retainer + Legal services

                            = $14,100 + $62,000

                            = $76,100

Note:

Other details are expenses and net profit appropriation which are only relevant for calculating the net profit and retained profit. These are however beyond the scope of the question.                                          

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Explanation:

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3.63 cubic yards + 1.53 cubic yards
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You are concerned about a matter that has federal implications and is tremendously important in your city. You would like
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Answer:

An example of a bill title could be

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If you're taking the time to write a bill then you must be concerned about a public issue so you would ask a member of congress (a representative or senate) to see to it that the bill is drafted.

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Members of the House of Representatives introduce or sponsor a bill after the bill has been drafted by parliamentary craftsmen. For the house of Representatives, the representative clerk assigns a number to the bill and for the senate a senate clerk assigns a number to the bill.

(2) Commitee Action

A committee is assigned to study the bill after it has been introduced. Commitees are assigned according to their functions , for example if a bill is about fire outbreaks, the committee in charge of fire hazards is assigned to look into the bill. Often a committee will refer the bill to one of its subcommittees. The subcommittee may request reports from government agencies. Experts and interested parties have an opportunity to offer testimony regarding the issue.

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House of Representatives or Senate members vote on their respective versions of the proposed bill.

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A bill must be approved by both Chambers of Congress (The House of Representatives and the Senate).

If the Senate has ammended and passed a bill that the House of Representatives has previously passed or vice versa, the two Chambers begin to resolve any legislative differences between the House of Representatives and Senate versions of the bill by having a conference committee.

When the chambers go to conference, the House and Senate send representatives to bargain and negotiate.

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(6) Presidential Approval

After the bill is passed by both Chambers it is sent to the President for his approval (the president approves by signing the bill). If the Bill is, it becomes a Public Law.

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If the President does not act within 10 days the bill automatically becomes law.

If the President does not sign the bill and the Congress does not act during the 10 days after the bill is sent to the President, the bill is automatically vetoed.

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The Public Law is assigned a number by the Office of Federal Register and the Government Printing Office prints a copy of the law.

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A regular obstacle most bills pass through would be the inability to pass stage 2 ( ie the bill is tabled). This usually happens when an already existing bill solves the stated issue or the stated issue isn't really an issue. For this to be prevented, do research on your bill to see if laws are already in place and check if your bill would cause harm or be detrimental to the general public.

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For a bill to be cited -

Include:

The name of the bill (and if relevant), the abbreviated name of the regulatory body (either the house of Representatives or the senate H.R. or S.),

The number of the bill,

The number of the Congress, and

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