1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sever21 [200]
3 years ago
13

Jack’s Snow Removal Company received a cash advance of $14,700 on December 1, Year 1 to provide services during the months of De

cember, January, and February. The year-end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will __________
a. increase liabilities by $4,900
b. increase assets by $4,900
c. increase assets by $4,900 and increase equity by $4,900
d. increase equity by $4,900
Business
1 answer:
Ipatiy [6.2K]3 years ago
8 0

Answer:

d. increase equity by $4,900

Explanation:

Jack Snow received $14,700 on December 1 for services to be rendered in December, January and February. It will not be recorded as income because it hasn't been earned.

Adjusting entries will be passed at the end of each month to recognise amount earned.

Since it is for 3 months, monthly amount earned = 14,700/3= $4,900

At December 31 Retained earnings will be credited for $4,900.

Retained earnings is part of owner's equity.

So equity will increase by $4,900

You might be interested in
In which situation would it be better to use a credit card instead of cash?
bonufazy [111]
Computer, its a larger amount of money to pay so it would be best there

6 0
2 years ago
A borrower expresses a reluctance to continue signing documents. The Notary Signing Agent may:
snow_tiger [21]

Answer:

Recommend the borrower contact the lender representative before signing anymore documents

Explanation:

Notary agents are usually independent professionals within the sector or third parties , who are contracted to create sure all loan documents are signed and notarized properly and delivered . A Notary agent isn't authorized to answer questions on the most points contained within the loan, however a notary agent can give opinions to a signer whether the terms of a loan are a good or not. But if the opinions are on interest rates or other questions concerning the loan, rather it would be best to refer the signer or borrower to contact the lender’s representative

3 0
3 years ago
In 2019, RayeAnn acquires a car for $14,000. She uses the car in her advertising business and for personal purposes. Her records
kirill [66]

Answer:

Deductible depreciation = $2,660

Explanation:

Given:

Amount of car = $14,000

Personal use = 30%

Business use = 70%

Total depreciation = $3,800

Deductible depreciation = ?

Computation of Deductible depreciation:

Deductible depreciation = Total depreciation × Business use percentage

Deductible depreciation = $3,800 × 70%

Deductible depreciation = $2,660

5 0
3 years ago
Compared with many european countries the party in government system in the united states
ludmilkaskok [199]
<span>Compared with many European countries the party in government system in the united states is less differentiated. (have a lesser amount)

In many European countries, the parties that involved within the government could account to more than 4 parties. Meanwhile, there are only 2 major political parties in the United States, Democratic party and the republican party</span>
4 0
2 years ago
Cost volume profit can be used to calculate the sales dollars or sale units needed to achieve a target profit. Which statement i
Elena-2011 [213]

Answer:

A. The only way to calculate the sales revenue needed to achieve a target profit is by using the formula provided in class

Explanation:

5 0
3 years ago
Other questions:
  • A high rate of _____ is resulted from nonuse of condoms
    10·1 answer
  • Jacob is reading a great thriller. The table shows a proportional relationship between the number of pages he reads and the numb
    10·1 answer
  • Union Local School District has bonds outstanding with a coupon rate of 4.3 percent paid semiannually and 18 years to maturity.
    13·1 answer
  • Jake is in the stands at a football game with his girlfriend. He decides that he needs to ask her something very personal, so he
    8·2 answers
  • Monique was looking for a venue for her wedding reception. When she visited one potential location, she noticed that the landsca
    12·1 answer
  • Tyco International CEO Dennis Koslowzki was convicted of fraud because he__________________.
    13·2 answers
  • _________ is based on the worst credible outcome when analyzing risk. A ) Assessment B ) Severity C ) Cause D ) Probability
    6·1 answer
  • All of the following statements about flexible spending accounts (FSAs) are TRUE, EXCEPT:
    9·1 answer
  • When the government runs a budget deficit, we would expect to see that:.
    13·2 answers
  • Ultimo co. operates three production departments as profit centers. the following information is available for its most recent y
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!