Answer:
Alpha
The effects on assets, liabilities, and net income are as follows:
Assets are understated by $500
Liabilities are understated by $700
Net income is overstated by $200
Explanation:
a) Data and Calculations:
Interest earned from a note receivable = $500
Interest incurred from a note payable = $700
Failure to record these has the following effects:
Assets are understated by $500 (< $500)
Liabilities are understated by $700 (< $700)
Net income is overstated by $200
b) Adjusting Journal Entries (AJEs) ensure that the accounts are up-to-date in accordance with the accrual concept of financial accounting. The accrual concept requires that transactions affecting a financial period must be reported in the affected period. This implies that expenses incurred must be recognized in the period they are incurred and not when cash is paid. Similarly, revenue earned must be recognized in the period they are earned and not when cash is received.
Answer:
The contribution margin per unit is $6.
Explanation:
Contribution margin is calculated by deducting all variable costs from the price of the product. It is used to calculate the products direct contribution in the earnings.
Price of product = $36 per unit
Cost of product = $30 per unit
Contribution margin = Price - cost
Contribution margin = $36 - $30
Contribution margin = $6 per unit
Hello There!
A human resource manager is a person within a business/company or possibly an other organization and they handle and supervise personnel matters. These could include hiring, training and even firing.
<h3>Hello there!</h3>
Your question asks what Kellogg's is attempting to do.
<h3>Answer: Reposition its product</h3>
The reason why "reposition its product" is the correct answer because Kellogg's is trying to reposition their product in order to make sales. Frosted Flakes was a big time thing for kids, due to the fact that advertisements involved children since Kellogg's target audience were children. Frosted Flakes were pretty much meant for children. Since the product was meant for children, Kellogg's left the people that actually buy the cereal--adults--out of the scene.
Kellogg's releasing advertisements of adults saying how much they loved Frosted Flakes allows viewers to have a thought of going to the store and getting some Frosted Flakes. With the advertisement, they're also trying to target adults because there are a lot of adults in this world, and if they can get adults to buy their product, then their sales will go big. Their goal for the advertisement is to get more sales for the Frosted Flakes product, and they're doing this by having a target audience of adults.
<h3>I hope this helps!</h3><h3>Best regards, MasterInvestor</h3><h3 />
Answer:
(a) $1,200
(b) $330
Explanation:
(a)
- The advance payment was issued in 2018, however the items throughout 2018 were not shipped.
- The products were distributed throughout 2019 as well as the transaction for accounting information requirements was announced throughout 2019.
Therefore, in 2019, $1200 would include gross revenue
(b)
<u>Service contract for 6 months will be:</u>
Drake would include gross income throughout 2019 of 
($)and gross income throughout 2020 of $120. In October year 2019, because a corporation offered a 6-month contract, total sales in 2019 represented just a 3-month service agreement.
<u>Service contract for 36 months will be:</u>
- Throughout 2019 gross sales, Drake would include
.The residual balance would not have been all conducted until the close including its tax year of collection since the contract became sold through 36 month. - The residual amount of
is thus used throughout gross sales for 2020.
Consequently,
⇒ Cumulative gross income used throughout 2019 = total earnings of 6 months service agreement + gross income of 36 months service agreement
⇒ 
⇒ 
($)
