<u>Solution:</u>
Deffered revenue means when an organization receives the payment prior to the goods delivered to conusmer. In the given case, business receives $3000 on 1, January for ten month service (From january to October).
<u>The revenue per month needs to be calculated:</u>
Revenue per month = Revenue for ten months divided by Total number of months
By putting the figures we get,
Revenue per month = $3000 divided by 10 = $300 per month
An adjusting entry needs to be passed:
Date Particulars debit credit
31st jan Unearned Revenue $300
Service Revenue $300
( Service revenue that has been collected in advance)
Answer:
recorded on March 31, 2021.
Explanation:
As we know that if there is an accural basis so the revenue is recognized and recorded when it is earned here the receipt of cash is not material for recording the revenue
Since in the given situation, the date of completion of the contract is considered for recording date of revenue as per the accrual basis
So March 31, 2021 should be considered
Answer:
true
Explanation:
tarrifs raise the price of foreign goods
<h2>The purpose of an executive summary is to represent briefly the most important elements of your report including the key findings and conclusions.</h2>
Explanation:
Executive summary:
- To highlight the main feature thus catching the attention of readers to learn more on it.
- It should state the purpose of the report which is mandatory
- It should also contain the results and recommendation too
- It is just a overview of the important findings
- The report should be presented in such a manner that the reader does not get bored
- This can also be called as synopsis
Answer:
c. $10,340
Explanation:
For year 2018, the deduction for medical expense is amount of qualified medical expense that exceeds 7.5% of AGI.
Expenditure Richard can deduct as medical expense = $5300 + $7900 + $5100 + $830 + $960 - 7.5% * $130000
= $10,340
As such option c is correct and other options a, b, d and e are incorrect.
