Answer:
The City of Willows
Reconciliation Entries:
Debit Cash $500
Credit Deferred Revenue $500
To record the increase of deferred revenue.
Debit Compensated Absences Expense $150
Credit Compensated Absences Liability $150
To record the increase of compensated absences.
Explanation:
a) Data and Calculations:
Beginning balances:
Deferred Revenue = $3,500
Compensated Absences Liability = $1,000
Increases during the year:
Deferred Revenue = $500
Compensated Absences = $150
Reconciliation Entries:
Cash will increase by $500 and Deferred Revenue will increase by $500
Expenses will increase by $150 and Compensated Absences (Liability) will increase by $150.
Answer:
Net Revenue = $4,500
Explanation:
Break Even point in units =
Here, provided
Break even point = 1,000 units
Contribution = Selling price - Variable Cost = $10 - $7 = $3
Putting these values in above,
We have,
= Fixed cost = $3,000
now when we sell 2,500 units we have
Revenue = 2,500 $10 = $25,000
Variable Cost = $7 2,500 = $17,500
Fixed cost = $3,000
Net Revenue = $25,000 - $17,500 - $3,000 = $4,500
The process of examining public records to determine if there are any claims on a piece of real property before its ownership is transferred is equivalent to an examination for a title.
<h3>What is a Record?</h3>
A record is a document in any format created by an individual for reference purposes. This particular document can be in any form and can be stored carefully for future use.
A record that determines the true ownership of a property can be examined carefully so that the claim to that property can be established. The process of examining this record is known as land search or examination for a title.
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