Answer:
Option C Credit to Unearned Management Fees for $62,000
Explanation:
The reason is that the unearned managment fees are liabilities and so are credit in nature just like other liabilities. It is also the requirement of accrual accounting system that says the revenue and expenses must only be recorded when they are realized. Which means the revenue share for example which is $1000 must be recorded as revenue when we will deliver our customers services of one month. It doesn't matter if the revenue amount is not received in cash. So delivering your share is compulsory here to recognize sales or services.
Answer:
when a common stock is issued in the exchange for land, the land should be recorded in the accounts at the par value of the stock issued.
Answer:
C) pension plan assets at fair value exceed the projected benefit obligation.
Explanation:
Pension plan assets include the cash and all the investments in securities (stocks, bonds, etc.) that your plan will use to pay for future benefits once you retire. If the investments gained a lot of value (specially the stocks), their fair market value might be higher than the projected future obligations. This means that your plan has more than enough money to cover your benefits once you retire.
Answer:
Increase of 2,780
Explanation:
The question is incomplete the balance sheet ofthe firm is attached.
To calculate the cash from operating income we need to determinate from the net income:
adjustment for non-monetary concetps (like depreication and gain at disposal)
the increases and decreases in the working capital account:
In this case Account Receivables decrease from 32,180 to 29,400
In total this decrease of 2,780 represent that the firm collected 2,780 more cash thus It will mean an increase of cash.
Answer:
B) $38,400
Explanation:
The total manufacturing cost for Job No. 953 is given by sum of the direct materials, direct labor and machine costs. Direct materials cost was already stated; Direct labor and machine costs are calculated by multiplying their hours worked or used by their respective hourly rates:
The total manufacturing cost is $38,400