1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
wariber [46]
3 years ago
14

An entity has two long-term construction contracts, one of which qualifies for revenue recognition while the performance obligat

ion is being met and the other which does not. For either of these two contracts, what account would be debited when preparing the journal entry to record billings?
a. qualifies does not qualify
b. cash billings
c. construction in progres construction in progress
d. construction receivable construction receivable
e. billings cash
Business
2 answers:
Morgarella [4.7K]3 years ago
6 0

Answer: construction receivable

Explanation:

Accounts receivable management involves improving the collection process for efficiency, identifying the reasons for nonpayment and being proactive in reminding clients about their overdue accounts.

Leto [7]3 years ago
4 0

Answer:

d. construction receivable construction receivable

Explanation:

Generally in accounting, accounts receivable refers to the balance of the amount of money owed by customers to an entity in respect goods delivered or services rendered. It is a component of the current asset in the balance sheet showing the balance of the amount of money for goods sold or service rendered on credit.

In the question, either of these two contracts would be debited construction receivable when preparing the journal entry to record billings because they are long-term construction contracts which have not been paid for by the . contractee.

You might be interested in
Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $8,400 and recorded it as a prepaid exp
Liula [17]

Answer:

$700 (not given in the options)

Explanation:

When the policy is purchased with a payment made in advance, the entries recorded are

Debit prepaid insurance  $8,400

Credit Cash account         $8,400

After the first month, the expense incurred is

= 1/12 × $8,400

= $700

Entries then required

Debit Insurance expense   $700

Credit Prepaid Insurance    $700

5 0
2 years ago
On April 1, 2015, the City of Southern Ponds issued $3,500,000 in 4% general obligation, tax supported bonds at 101 for the purp
LUCKY_DIMON [66]

Answer:

B) $ 70,000.

Explanation:

Debt service expense

Debt service expense is the interest expense incurred to avail the debt services from another entity.

Debt service expense can be calculated using the following formula

Debt service expense = Face value of Bonds x Interest rate x Semiannual fraction

Where

Face value of bonds = $3,500,000

Interest rate  = 4%

Semiannual fraction = 6 / 12 = 1/ 2

placing values in the formula

Debt service expense = $3,500,000 x 4% x 1/2

Debt service expense = $70,000

3 0
2 years ago
The total fixed overhead variance is:a. the difference between actual and budgeted fixed overhead costs. b. the difference betwe
kondaur [170]

Answer:

a. the difference between actual and budgeted fixed overhead costs.

Explanation:

As we know that

The variance is shows the difference between the actual amount and the budgeted amount or estimate amount

So, the total fixed overhead variance is the difference between the actual fixed overhead costs and the budgeted fixed overhead costs i.e to be fixed in nature

Hence, the first option is correct

3 0
2 years ago
Suppose every student in a class is surveyed and it is found that? 75% of the class plans to take another math class. it is repo
Wittaler [7]
Based on the given sample above, I can say that it would be an example of a descriptive statistics. When we say descriptive statistics, this is the kind of statistics that uses numerical data based from the given sample in order to describe the population. This is different from inferential because inferential statistics creates inferences based on the given data. Hope this helps.
3 0
3 years ago
During the course of a year, the labor force consists of the same 6,000 people. Employers have chosen not to hire 420 of these p
dybincka [34]

Answer:

5%

12%

Explanation:

Unemployment rate is the fraction of the labour force that are unemployed but are actively looking for work

Types of unemployment include:

Frictional unemployment : it is the period of time a person is unemployed from the period he leaves his current job and the time he gets another job. The 300 unemployed people are frictionally unemployed

structural unemployment : it occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition . Structural unemployment tends to be permanent. The 420 unemployed people are structurally unemployed

Voluntary unemployment : e.g. worker at a fast-food restaurant who quits work and attends college.

Cyclical unemployment : occurs as a result of fluctuations in the economy

Frictional unemployment = (total frictional unemployed people / total labour force ) x 100

(300 / 6000) x 100 = 5%

Total unemployment rate = (total frictional unemployed people + total structural unemployed individuals / total labour force ) x 100

[(300 + 420) / 6000] x 100 = 12%

7 0
2 years ago
Other questions:
  • The principal purpose of a voucher system is to provide assurance that
    7·1 answer
  • Holman company owns equipment with an original cost of $95,000 and an estimated salvage value of $5,000 that is being depreciate
    8·1 answer
  • Chang Industries has 2,000 defective units of product that already cost $14 each to produce. A salvage company will purchase the
    6·1 answer
  • Which payment system is most likely to delay an online purchase? credit card debit card check online payment services
    11·1 answer
  • Which of the following most accurately describes agriculture in the South after the Civil War?
    14·2 answers
  • A $200,000 loan amortized over 12 years at an interest rate of 10% per year requires payments of $21,215.85 to completely remove
    12·1 answer
  • What would u say if u saw a stranger
    15·1 answer
  • Which of the following inventory costing methods results in the lowest value of ending inventory during a period of rising inven
    8·1 answer
  • Assume that your total cost per unit to make a snack is $4.50. Your company is using a cost-plus pricing strategy and would like
    7·1 answer
  • Meaning of business and its objectives plz helppppp
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!