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3 years ago

A. Adjustments would not be necessary if financial statements were prepared to reflect net income from lifetime operations.

Business

1 answer:

Artemon [7]3 years ago

7 0

Answer:

The correct answer is A

Explanation:

In accounting the adjustment, is described as the transaction of the business, which is not involved or recorded in the records of the accounting of the firm at a particular or a specific data.

All of the transactions are reported by the recordation and its example are customer billing, cash collection and supplier invoice.

If the operations of the lifetime are reflected from the net income, then the adjustments does not needed to passed or reported.

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On jan. 2, callie company received a $700 payment from a customer previously billed for services performed. the journal entry to

svp [43]

To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

<h3>What is Journal entry?</h3>

A journal entry exists as an act of keeping or creating records of any transactions either economic or non-economic. Transactions exist listed in an accounting journal that indicates a company's debit and credit balances. The journal entry can consist of several recordings, each of which exists either a debit or a credit.

A journal entry exists as a record of the business transactions in the accounting books of a business. A properly recorded journal entry consists of the correct date, amounts to be debited and credited, an explanation of the transaction, and a unique reference number. A journal entry exists as the first step in the accounting cycle.

Hence, To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

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2 years ago

During the 1920s, more people began to acquire shares of stock using

oksian1 [2.3K]

Answer:

Wait in line before trading

Explanation:

1920s stock brokerages. When a normal person wanted to buy or sell shares, they had to run to the next broker and sometimes wait in line before making their trade.

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2 years ago

Read 2 more answers

Productivity is difficult to measure because precise units of measure are available, quality is consistent, and exogenous variab

podryga [215]

Answer:

False

Explanation:

All of the statements being made are False. Productivity is measured by stats. For example, in any given month a certain number of products are produced by a fixed number of employees, the next month the same value is calculated and compared with the previous month. This lets you know if productivity is increasing or decreasing. The quality of anything depends on the time and effort being implemented in making something, if this changes then so does the quality. Exogenous variables are simply variables that are not affected by other variables in a given environment, this does not mean that they cannot change. Even though they are independent they can still change. For example, the weather is an exogenous variable but it can still change from Raining to Sunny.

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3 years ago

The Yurdone Corporation wants to set up a private cemetery business. According to the CFO, Barry M. Deep, business is "looking u

jenyasd209 [6]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

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4 years ago

If a firm decide to eliminate a product line that produce a yearly net lo of $21000 it yearly net income

mina [271]

Option A is the proper response. It will only increase by $21,000 if it can completely eliminate all of the fixed expenses related to that product line.

Net income, in both business and accounting, is an entity's revenue fewer costs, depreciation and amortization, interest, and taxes for a given accounting period.

All fixed expenses related to a discontinued product line should also be discontinued. then the corporation can add $21,000 to its overall net profits. When a product line is discontinued, variable expenses are automatically eliminated.

The correct response is A. only if it can eliminate all of the fixed costs related to that product line will it increase by $21,000.

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<u>COMPLETE QUESTION:</u>

If a firm decides to eliminate a product line that produces a yearly net loss of $21,000, its yearly net income

A. will increase by $21,000 only if it can eliminate all of the fixed costs associated with that product line.

B. will increase by $21,000 only if it can eliminate all of the variable costs associated with that product line.

C. will automatically increase by $21,000.

D. will decrease unless the firm can eliminate all of the fixed costs associated with that product line.

4 0

2 years ago