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AnnyKZ [126]
3 years ago
13

On September 1, Year 1, Gomez Company collected $9,000 in advance from a customer for services to be provided over a one-year pe

riod beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1How much would it report as cash flows from operating activities for one year?a. $3,000; $3,000
b. $3,000; $9,000
c. $0; $9,000
d. $9,000; $9,000
Business
1 answer:
Margaret [11]3 years ago
4 0

Answer:

d. $9,000; $9,000

Explanation:

As cash received on January 1 in advance to provide service in one year which is completed on December 31. So all the Unearned revenue is recognized because service for 12 month has been performed so whole amount will be reported in Income statement for the year ended December 31. Only cash received is from the service revenue activity so, it is also reported as $9,000. correct option is d. $9,000; $9,000.

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A customer opens a short margin account by selling short 600 shares of XYZ stock at $80 per share and deposits the required marg
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Answer:

It will increase by 50%

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Equity is given as: credit - short market value.

Find attached below table of solution

4 0
3 years ago
What is the term used to describe the dollar amount of a physical damage claim paid by the policyholder?A. Coinsurance clause.
Reika [66]

Answer:

C. Deductible.

Explanation:

Variable universal life insurance is insurance that provides permanent insurance coverage as whole life does; however the policyholder, not the insurance company, takes on the investment risk.

A Variable universal life insurance is a type of permanent life insurance policy which avails the holder the opportunity of investing the cash component of the plan (policy) for a much greater returns and as such the investment risk associated with the policy lies completely on the policy holder and not the insurance company.

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Deductible is the term used to describe the dollar amount of a physical damage claim paid by the policyholder.

5 0
3 years ago
All of the following statements are correct about management by exception except it
noname [10]

Answer:

<u>means that management has to investigate every budget difference.</u>

Explanation:

  • Management has an exception as the practice f examining the financial and operational results of a business. Only bringing the issues to the attention of management when substantial differences in budgets or within the expected amount.
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3 0
3 years ago
Marginal revenue product is the: a. change in total output resulting from a unit change in the quantity of a variable input. b.
VMariaS [17]

Answer:

An apple, potato, and onion all taste the same if you eat them with your nose plugged

Explanation:

6 0
3 years ago
has excess cash of​ $15,000 at the end of the harvesting season. will need this cash in four months for normal operations. Requi
kolezko [41]

Answer:

1)

Some of the major reasons why Garden Haven might to choose to either  invest in debt or equity securities are as follows;

  • They want to generate earnings. It is better to earn money from excess cash than keep it idle.
  • They invest in debt or securities because they provide liquidity. Investments in debt or securities can be sold through exchange the day decision is taken to see and convert it cash .
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  • They may have policies as regard to quantum of cash that can be kept .

2)

In terms of classification, Garden Haven's investment falls in short term investments.

Investments made for a period less than a year are classified as short term investments. Investments made for longer than one year are classified as long term investments. Since Garden Haven is making this investment for four months, this is be classified as short term investment.

8 0
3 years ago
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