Answer:
Lamp lighter
Explanation:
Very few exist today as most street lighting has long been replaced by electric lamps.
Answer:
(A)
cash 85,000
unearned revenues 85,000
(B)
unearned revenues 40,000
subscroption revenues 40,000
Explanation:
(A)
Unearned revenues are a liability. It increases from the credit, so in this entry, we increased cash by the amount received and also increase unearned revenue for 85,000
WHY ARE LIABILITIES?
The payment made by customer in-advance generates an obligation to the NYT. The journal is forced to deliver their newspaper to these people, it has an obligation, which is certain and quantifiable in dollars, that fits in the definition of liabilities.
(B)
HOW UNEARNED BECOME EARNED?
Once time past AKA newspapers are delivered, the obligation decrease and part of the annual subscription become revenues
Answer:
Explanation:
Before preparing the income statement, first, we have to compute the net income or net loss. So, the calculation is shown below:
In the simplest form, the net income = Total revenue - total expenses
= Service Revenue - Rent Expense - Maintenance and Repairs Expense - Gasoline Expense - Advertising Expense - Utility Expense
= $6,950 - $1,150 - $600 - $2,250 - $650 - $150
= $2,150
The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:
Answer:
nails, glue, and thread
are examples of indirect materials
