Answer:
a.
Oct 1 Cash $240 Dr
Unearned Subscription Revenue $240 Cr
b.
Dec 31 Unearned Subscription Revenue $60 Dr
Subscription Revenue $60 Cr
Explanation:
a.
The receipt of $240 upfront in advance from a customer is a liability for the business as the business has received cash for service that is yet to be provided. The business will record this as a debit to the cash account and credit to a liability account of Unearned Service Revenue.
b.
On 31 december, the business has provided magazines for 3 months thus it has earned revenue for 3 months. The revenue for 3 months is,
Revenue per month = 240 / 12 = 20
For 3 months = 20*3 = 60
The business will record this as a credit to the subscription revenue and a debit to the unearned subscription revenue
inventory cost flow assumption influence by tax implications of choice ,financial statement effect, actual physical flow of inventory.
<h3>What Is Cost Flow?</h3>
The way or channel that costs move through a company is referred to as the flow of costs. The flow of costs typically pertains to manufacturing businesses where accountants are required to quantify expenses associated with raw materials, work in progress, finished goods inventory, and cost of goods sold.
Four commonly acknowledged methods—specific cost, average cost, first-in, first-out (FIFO), and last-in, first-out—are available for allocating expenses to ending inventory and cost of goods sold (LIFO).
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Answer:
Prioritized list
Explanation:
Step 3 of the decision-making process is to identify alternatives or options. Therefore, finding many options so that the individual cannot make any wrong decision during the time of choosing the right option. If the person identifies the various options, he or she can choose the most optimal list. In that case, testing, or brainstorming activity cannot help to proceed with alternatives. Prioritizing the list will be helpful to approach in 3rd step to find the best possible options. Therefore, option D is the answer.
Answer:
Straight-line Depreciation Expense for 2022 and 2023 = $ 14,400, $ 14,400
Explanation:
Vaughn Manufacturing
Depreciation Straight Line Method= Cost - Salvage Value/ Useful Life
Depreciation Straight Line Method= $124,800-$9,600/8-years
Depreciation Straight Line Method=15,200/8= $ 14,400
The straight line depreciation expense does not change. It remains same for the next years as well.
Straight-line Depreciation Expense for 2022 and 2023 = $ 14,400, $ 14,400
