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mel-nik [20]
4 years ago
13

16. The journal entry to record the prior year’s deferred Inflows: property taxes (those expected to be collected more than 60 d

ays beyond year-end) as revenue in the current year would include: A) A debit to Revenues Control B) A debit to Deferred Inflows: Property Taxes C) A credit to Revenues Control D) B and C would
Business
2 answers:
mars1129 [50]4 years ago
5 0

Answer:

Option D - "A debit to deferred inflows (B) and A credit to Revenues control (C)"

Explanation:

Property tax is the tax levied by the government on the owner of a property based on its value, in a particular jurisdiction.

Property tax is usually collected and reported in the financial year in which the tax is paid. However when property tax is collected in one fiscal year or period but reported in a future fiscal year or period, it becomes a 'deferred inflow'.

Hence, the journal entry to record property tax as a deferred inflow would first of all debit the deferred inflows account and credit the revenues (or inflow) account of the  current reporting fiscal year where the property tax is being recognised.

Yuri [45]4 years ago
3 0

Answer:

D) B and C would both be included in the journal entry

Explanation:

A deferred inflow of resources can be defined as an purchasing of net assets by the government of a country that is is going to be applied to a future reporting period.

Crediting the revenues control account tells weather cash has been received, or that a valid receivable exists. In practice, when property taxes are levied, a receivable is formed. The debit to property taxes that are receivable is offset by a credit to revenues to the level that the taxes are “susceptible to accrual;” that is to say, both measurable and available to pay liabilities of the fiscal period.

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Answer:

D

Explanation:

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The form of business that limits the liability of individuals for the risks involved in business activities is known as _____.
m_a_m_a [10]

Answer:

The correct answer to the following question will be Option A (Corporation).

Explanation:

A Corporation seems to be a separate legal entity and is different from its proprietors. Corporations possess most of individual responsibilities and rights: they can sign contracts, lend and borrow the money, sue and prosecute, hire workers, own properties, and paying taxes. Some call him a "legal person".

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3 years ago
The distinction between a normal and an inferior good is A. when income​ increases, demand for a normal good increases while dem
alexdok [17]

Answer:

The correct answer is option A.

Explanation:

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On the other hand, the inferior goods have a negative income elasticity. So when the income of the consumer increases the demand for inferior goods decline. This is because as income increases, the consumers will prefer normal goods.

8 0
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BabaBlast [244]

Answer:

The correct answer is letter "B": to reach out beyond its familiar research partners and to access R&D carried out globally.

Explanation:

Open innovation is an approach most companies are taking nowadays because of the need for adapting the goods or services they offer to the rapidly changing world we live in where product life cycles are every time shorter. Open innovation allows firms to obtain help from other domestic or international entities contributing to the development of new items or the modification of existing ones to meet consumers' needs.

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Rodney just earned his master's degree in Marketing. Based on his education, which job would he be best suited for? Supply Chain
lubasha [3.4K]

Answer:

Marketing Specialist

Explanation:

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Rodney has graduated in marketing; meaning has acquired skills and competencies required in the marketing discipline. He will be more effective as a marketer as he has adequate knowledge of marketing. Rodney will be more fulfilled and better motivated in marketing because that is his area of strength.

7 0
3 years ago
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