Answer:
C. Unearned revenue would be debited for $700.
E. Service revenue would be credited for $700.
Explanation:
As we recieve the payment in-advance we take the obligation to perform our duties with the customer.
Therefore it is unearned revenue (liability)
at year-end there is a portion which is still unearned by the amount of 300 dollars Hence, the difference was earned: 1,000 - 300 = 700
we will decrease our liability against the customer and recognize the revenue by crediting service revenue.
A machine would cost $142,000 and the depreciation of $98,000
Answer: Deferred income which must be a liability accounts.
Explanation:
Revenue earned on a service is recognised when the service has been performed, it's probable that economic benefits of the services will be enjoyed by the client, the price of the services can be measured reasonably, cost Incurred on the performance of the services can be measured reasonably.
On the above scenario the services has not been perform, the cost of performance cannot be measured, these and more shows that Jaguar cannot recognize the sum as an income but rather as a deferred income(liabilities) which will later be transferred to income accounts as the necessary conditions for recognition as income are met.
Answer:
b) Function
Explanation:
The Dean placed professors in departments based on the subjects they teach or based on their functions in the school. So all professors that function as economics professors are placed in the same department. This is an example of grouping employees by functions.
In geographic grouping, professors would be grouped based on the different regions they teach.
In product grouping, employees are placed in groups based on the product they produce.
I hope my answer helps you
Answer:
$311 unfavorable
Explanation:
The computation of the spending variance is shown below:
= Actual supplies cost - flexible supplies cost
where
Actual supplies cost is $11,700
And, the flexible supplies cost would be
= Actual level of activity × price per frame + supplies cost per month
= 607 frames ×$17 + $1,070
= $10,319 + $1,070
= $11,389
Now put these values to the above formula
So, the value would equal to
= $11,700 - $11,389
= $311 unfavorable
