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3 years ago

Turkey Corp. provides services to customers on account for $3,000. Recording this transaction will include a __________.

Business

1 answer:

Luden [163]3 years ago

8 0

Answer:

e) Credit to Revenue

Explanation:

The services provided to customers will be an increase of revenue and an increase in revenues is a credit transaction.

Since the question does not mention that the services were billed therefore the accounts receivable will not be increased till it is billed and thus option a) is not applicable.

The other options are not relevant since there is no cash collection involved, and no liabilities involved.

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Combust Con Inc. specializes in manufacturing internal combustion engines. Recently, Combust Con has decided to create a divisio

KengaRu [80]

Answer:

The correct answer is letter "D": Ashton should consider preparing new job descriptions since new jobs will be created in the organization.

Explanation:

Whenever a firm engages in new operations and requires new personnel, the Human Resources (HR) department must analyze the profile of the employee that will be needed to determine what type of applicant that will approve. Before that, a clear description of the new workers' duties and skills must be outlined so that at the moment of publishing the offering, the company makes sure they will attract the proper candidates.

Thus, Ashton must get ready the job descriptions of the new workers that will cover the positions fo the new flexible fuel division of the corporation he works for.

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4 years ago

Dave is a plumber who uses the cash method of accounting. This year Dave requested that his clients make their checks payable to

V125BC [204]

Answer:

Option A is correct

Explanation:

What we need to know to solve this question is how the cash method for accounting works in this scenario.

Thus, using the cash accounting method income is to be recognized when cash is received, thus the taxpayers for tax purposes will be reporting income when the income is received (in the form of services, cash, property, etc.).

3 0

3 years ago

Corporate charitable giving is frequently described as

olga nikolaevna [1]

Charitable donations or giving from a corporate entity is frequently described as genuine altruism. This is because they are giving without expecting something in return.

6 0

3 years ago

Elliott Company produces large quantities of a standardized product. The following information is available for its production a

olganol [36]

Answer:

Check below for the Answer and Explanation

Explanation:

Elliot Company process cost summary report

CALCULATION FOR UNITS TO ACCOUNT FOR:

Beginning Work in Process units 2,000

Add: Units Started in Process 20,000

Total Units to account for: 22,000

CALCULATION FOR UNITS TO BE ACCOUNTED FOR:

Units completed and transferred out 17,000

Ending Work in Process 5,000

Total Units to be accounted for: 22,000

Equivalent Units:

UNITS Material Cost Conversion

% Completion Units % Completion Units

Units completed

100% 17,000 100% 17,000

Ending Work in Process

100% 5,000 35% 1,750

Total Equivalent units 22,000 18,750

CALCULATION FOR TOTAL COST TO ACCOUNT FOR:

Material Conversion

Beginning work in Process

2,500 6,360

Cost Added during May

168,000 479,640

Total Cost to account for:

170,500 486,000

÷ Equivalent Units

22,000 18,750

Cost per Equivalent unit

7.75 25.92

CALCULATION FOR TOTAL COST ACCOUNTED FOR:

Units completed and Transferred out (17000 units)

Equivalent unit Cost per EU Total Cost

Material 17,000 7.75 131750

Conversion Cost 17,000 25.92 440640

Total Cost of Units completed and transferred out: 572,390

Ending Work in process (5000 units)

Equivalent unit Cost per EU Total Cost

Material 5,000 7.75 38750

Conversison Cost 1,750 25.92 45360

Total cost of Ending Work in process: 84,110

8 0

3 years ago

Sigma Corporation owns 80% of the stock of Epsilon Corporation, which pays it a dividend of $100,000. Sigma Corporation also own

kvv77 [185]

Answer:

d. $132,000

Explanation:

Sigma Corporation holds the stock of Epsilon Corporation and is subsidiary for the Sigma. The dividend declared by of $100,000 is entirely for the sigma whereas Sigma Corporation also holds 20% of the shares of Intergalactic Corporation. The dividend of $40,000 will be calculated in the dividend amount of Sigma but 20% will be deducted.

$100,000 + $40,000 * 80% = $132,000

6 0

3 years ago