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disa [49]
3 years ago
10

When a company provides services for which cash will not be received until some future date, the company should record the amoun

t received as unearned revenue for the amount charged to the customer.True / False.
Business
1 answer:
elixir [45]3 years ago
6 0

Answer:

False

Explanation:

The revenue principle and the matching principles are two principles that help in the determination of the period in which expenses and revenues are recognized. In line with the principle, as long as any revenue is realizable, then such expenses or revenues are recognized. As long as services are rendered or goods transferred, regardless of the time in which the cash is received, revenue is recognized. However, accrued revenue is that which is recognized before receiving cash, while deferred revenue is the revenue recorded or realized after receiving cash.

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$27 trillion.

Explanation:

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True Because they have preperations for your tests
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Janes, Inc., is considering the purchase of a machine that would cost $410,000 and would last for 5 years, at the end of which,
ki77a [65]

Answer:

- $33,678.21

Explanation:

Cash flow Summary of the Project will be as follows

Year 0 = $410,000 + $3,000 = - $413,000

Year 1 = $101,000

Year 2 = $101,000

Year 3 = $101,000

Year 4 = $101,000

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So the Net Present Value can now be calculated using the CFj function of a Financial calculator as follows :

- $413,000 CF 0

  $101,000 CF 1

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  $101,000 CF 3

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i/yr = 13%

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3 years ago
What makes online payment services necessary? A. Individuals who sell items online cannot afford to deal with credit card compan
shepuryov [24]
B. It is too risky to <span>use credit cards online, and online payment services have better security because of the increasing number of hackers that may steal money from your bank account.</span>
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Cost of Goods Sold account is debited and Finished Goods Inventory is credited for A) purchase of goods on account. B) the sale
Firlakuza [10]

Answer:

B) the sale of goods to a customer.

Explanation:

When goods are sold to a customer, the cost of goods sold account is debited by the same value that the finished goods inventory is credited.

For example, suppose a company sells $1,000 worth of goods to a customer, and the sales price is $1,200. The customer pays by cash the full value of the goods. The journal entry would be:

Account                                    Debit           Credit

Cash                                         $1,200

Sales Revenue                                             $1,200

Cost of Goods Sold                $1,000

Finished Goods Inventory                           $1,000

7 0
3 years ago
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