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
german
3 years ago
10

On November 1, 2018, Cullumber Farm entered into a contract to buy a $162000 harvester from John Deere. The contract required Cu

llumber Farm to pay $162000 in advance on November 1, 2018. The harvester (cost of $122000) was delivered on November 30, 2018. The journal entry to record the contract on November 1, 2018 includes a credit to Unearned Sales Revenue for $162000. debit to Unearned Sales Revenue for $162000. credit to Sales Revenue for $162000. credit to Accounts Receivable for $162000.
Business
1 answer:
Vikki [24]3 years ago
3 0

Answer:

The journal entry to record the contract on November 1, 2018 includes: credit to Accounts Receivable for $162000

Explanation:

Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made. On November 1, 2018, Cullumber Farm had to pay $162,000 in advance to John Deere. John Deere recorded the cash receiving by the entry:

Debit Cash $162,000

Credit Accounts Receivable $162,000

The company did not record revenue because they did not sell the harvester. This was only the advance payment.

You might be interested in
Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufact
Mice21 [21]

Answer:

• One firm to have left.

• At least one will be suffering.

Explanation:

There are four companies in this scenario which means that demand should at least be 4 times the production for all of them to sell.

With demand at only 2.5 times, at least one company will not be selling enough cars to survive in the industry so they will exist.

Another one will stay but will face tough times because a demand of 2.5 times production will not be enough to Carter or three companies.

7 0
3 years ago
On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash to expand operations. The l
Marina CMI [18]

Answer:

                                Debit                  Credit

Loan Receivable      $20,000,000

Cash                                                    $20,000,000  

Interest Receivable     $666,666

Interest Income                                     $666,666        

             

Explanation:

Interest is calculated by multiplying 0.08 by 20 million and then dividing it by 2 because the loan is a 6 month loan. As Aug- Dec is 5 months we will record revenue of 5/6 of the interest.

7 0
3 years ago
In Maddie's company, senior officers eat in the same cafeteria as the entry-level workers. On a trip to a different country, she
yKpoI14uk [10]

Answer:

Power distance

Explanation:

"Power distance is a term that describes how people belonging to a specific culture view power relationships - superior/subordinate relationships - between people, including the degree that people not in power accept that power is spread unequally.

Individuals in cultures demonstrating a high power distance are very deferential to figures of authority and generally accept an unequal distribution of power, while individuals in cultures demonstrating a low power distance readily question authority and expect to participate in decisions that affect them. "

Reference: Grimsley, Shown. “Hofstede's Power Distance: Definition & Examples Video.” Study.com, Study.com, 2019

6 0
3 years ago
What is a stigma ?????
barxatty [35]
Stigma is a degrading and debasing attitude of the society that discredits a person or a group because of an attribute (such as an illness, deformity, color, nationality, religion etc). The resulting coping behavior of affected person results in internalized stigma. This perceived or internalized stigma by the discredited person is equally destructive whether or not actual discrimination occurs. Stigma destroys a person’s dignity; marginalizes affected individuals; violates basic human rights; markedly diminishes the chances of a stigmatized person of achieving full potential; and seriously hampers pursuit of happiness and contentment.
4 0
3 years ago
A company estimates its sales at 200,000 units in the first quarter and that sales will increase by 20,000 units each quarter ov
WARRIOR [948]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

A company estimates its sales at 200,000 units in the first quarter and that sales will increase by 20,000 units each quarter over the year.

They have, and desire, a 25% ending inventory of finished goods.

Production required for the third quarter:

Sales= 200,000 + 40,000= 240,000

Ending inventory desired= 260,000*0.25= 65,000

Beginning inventory= (240,000*0.25)= (60,000)

Total= 245,000

7 0
3 years ago
Other questions:
  • Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses a
    5·1 answer
  • Why are infomercials, sponsorship, and product placement growing in importance for global marketers? please provide specific exa
    7·1 answer
  • Under the _____, people who enter the military for a total of five years can return to their private-sector jobs without risk of
    5·1 answer
  • The state of massachusetts established a clearinghouse system, the commonwealth health insurance connector, which facilitated th
    6·1 answer
  • Lavage Rapide is a Canadian company that owns and operates a large automatic carwash facility near Montreal. The following table
    6·1 answer
  • Suppose a stock had an initial price of $70 per share, paid a dividend of $2.30 per share during the year, and had an ending sha
    11·1 answer
  • A manufacturer of small copiers makes a profit of $200 on a deluxe model and $250 on a standard model. The company wants to prod
    5·1 answer
  • Interest groups may use ________ in mass-circulation magazines, newspapers, and television to improve their standing in the comm
    5·1 answer
  • Sedentary muscles should be braised to make them become tender.
    13·1 answer
  • If an organization wanted to improve employee involvement, efficiency, and customer satisfaction, what kind analysis might they
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!