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Irina18 [472]
4 years ago
12

The following activities occurred in 2019: Performed advertising services on account, $63,400. Received cash payments on account

, $12,200. Received deposits from customers for advertising services to be performed in 2020, $3,700. Made payments to suppliers on account, $5,300. Incurred $51,900 of operating expenses; $45,000 was paid in cash and $6,900 was on account and unpaid as of the end of the year. What is the amount of revenue that will be reported on the income statement for the year ended December 31, 2019
Business
1 answer:
Ugo [173]4 years ago
5 0

Answer:

$63,400

Explanation:

Revenue is recorded during the financial year when incurred. So, consider only those items related to revenue that were incurred in 2019. The only revenue item incurred in 2019 is Advertising Services on Account of $63,400.

Cash Receipt of $12,200 is cash payment for revenue already recorded.

Deposits for Services not yet performed is a Liability and will be recognized as revenue when the services are performed. That is control of goods or service is transferred to the customer.

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Courts Distributors needed two hundred compact refrigerators on a rush basis. It contacted Eastinghouse Corporation, a manufactu
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Answer:

Courts Distributors and Eastinghouse Corporation

Dispute over Contract Price

The two parties have a legal contract.  The contract was established when Courts requested Eastinghouse to send the refrigerators and bill later.

The exact price for the contract is in dispute.  This dispute can be resolved between the parties.  Reference to the market price will help resolve the dispute, otherwise, the parties may seek alternative dispute resolutions, like litigation, mediation, or arbitration.

Explanation:

a) Data and Analysis:

Eastinghouse's invoice price for the refrigerators = $140,000

Courts' adopted market price = $120,000

b) Since Courts' reference to the price is with regard to the wholesale market price, it may be that Eastinghouse quoted the retail price instead.  Since Courts is a distributor, it has the right to be charged a wholesaler's price and not a retailer's.  Therefore, we can conclude that after due reference to the prevailing market price of similar refrigerators, the two parties may agree to a price of $120,000 or a little higher.

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3 years ago
Which of the following makes notes receivable different from accounts receivable? (Select all that apply.) Multiple select quest
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The following makes notes receivable :

- Notes receivable are formal written contracts.

- Notes receivable have a stronger legal claim.

- Notes receivable are interest bearing.

<h3>What are Notes Receivable?</h3>

Notes receivable are a balance sheet item that records the value of promissory notes that a business is owed and should receive payment for. A written promissory note gives the holder, or bearer, the right to receive the amount outlined in the legal agreement. Promissory notes are a written promise to pay cash to another party on or before a specified future date.

If the note receivable is due within a year, then it is treated as a current asset on the balance sheet. If it is not due until a date that is more than one year in the future, then it is treated as a non-current asset on the balance sheet.

Often, a business will allow customers to convert their overdue accounts (the business’ accounts receivable) into notes receivable. By doing so, the debtor typically benefits by having more time to pay.

Learn more about Notes Receivable on:

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Answer: Risk Report

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A Risk Report for a project contains all the risk that the project is exposed to. This includes both project risk as well as individual risks related to the components projects in the overall project.

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This describes the first document and so should be what the Project Manager names it.

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$560 I just took the test on primavera and this was right.

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