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lana [24]
3 years ago
13

Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, an

d $50 increments. Assume Apple sells $19.3 million in iTunes gift cards in November, and customers redeem $12.3 million of the gift cards in December. and customers redeem $12.7 million of the gift cards.
Record the necessary entries in the Journal Entry Worksheet below.

Record the receipt of cash for gift cards.

Record the revenue earned from redemption of gift cards.

What is the ending balance in the unearned revenue account?
Business
1 answer:
Anastasy [175]3 years ago
6 0

Answer:

cash                       19,300,000 debit

      unearned revenues                 19,300,000 credit

unearned revenues      12,700,000 credit

     sales revenues                    12,700,000 credit

balance:

19,300,000 - 12,700,000 = 6,600,000 balance

Explanation:

the gift card will be considered a liaiblity as it generates an obligation to Apple to latter provide their services/goods.

Once the gift card are redeem the company is able to recognize revenue as it has provided the goods to the customers.

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As a CEO, Anna is respected by her subordinates because she focuses on future business opportunities, responds quickly to market
Vilka [71]

Answer: Entrepreneurial leadership.

Explanation:

Anna is an Entrepreneurial leader, that is ever ready to take sensible risks and study the market trends to quickly identify changes in the market. An entrepreneurial leader is a leader that is willing to take risks to gain new achievements and is always identifying ways of improving themselves and team they lead.

8 0
3 years ago
Pets Inc. makes 2 products, dog collars and cat collars. Each passes through the cutting machine, which is the binding constrain
maks197457 [2]

Answer:

Dog Collar 10,000 units

Cat Collar 15,000 units

Explanation:

We have only constraint of 2,000 hours on the cutting machine.

First we will calculate the Contribution margin per hour

Contribution margin per hour = Contribution margin per unit / Numbers of hours required per unit

Dog Collar = $10 / (6/60)hours = 10 / 0.1 = $100 per hour

Cat Collar = $8 / (4/60) hours = $120 per hour

Pets Inc. will make Cat collar more than dog

Hours required for 15,000 unit of Cat Collar = 15000 x 4 / 60 = 1,000 hours

Hours for Dog Collars = 2,000 - 1000 = 1000 hour

Unit of Dog Collar = 1000 hours / (6/60) = 10,000 units

5 0
3 years ago
A project manager has just been assigned to a new project and has been given the project charter. The FIRST thing the project ma
Nookie1986 [14]

Answer:

Confirm that all the stakeholders have had input into the scope.

Explanation:

When assigned to a new project, the project manager may be tempted to start planning immediately. One may conclude that the first thing is planning. It will be wise and smart to understand the project charter before planning. Therefore, it is very important to " Confirm that all the stakeholders have had input into the scope." So, Option B is the correct answer.

7 0
3 years ago
Which of the following assumptions is embodied in the AFN equation?
aleksandr82 [10.1K]

Answer:

d. Accounts payable and accruals are tied directly to sales.

Explanation:

Additional funds needed method determines the amount that the company needs to finance the increase in total sales.

In response to the increase in sales, the company has to increase its assets to achieve that goal. The increase in total assets is partly offset by an increase in liabilities and the other part is offset by an increase in retained earnings.

The only true statement of the AFN equation is the option d), and the other options are not right.

8 0
3 years ago
While inserting an array function the excel user must press
hichkok12 [17]

Control+Shift+Enter

Array functions in excel are powerful tools sometimes refereed to as "CSE" functions because you have to press Control+Shift+Enter in order to enter them in your worksheet.

6 0
3 years ago
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