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Vsevolod [243]
3 years ago
9

On May 1, 2018, Varga Tech Services signed a $75,000 consulting contract with Shaffer Holdings. The contract requires Varga to p

rovide computer technology support services whenever requested over the period from May 1, 2018, to April 30, 2019, with Shaffer paying the entire $75,000 on May 1, 2018. How much revenue should Varga recognize in 2018? (Do not round intermediate calculation.)
Business
1 answer:
kenny6666 [7]3 years ago
7 0

Answer:

Varga should recognize $50,000 revenue in 2018.

Explanation:

Revenue = $75,000 × 8/12 months

                = $50,000

Therefore, Varga should recognize $50,000 revenue in 2018.

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Hoffman, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adj
serious [3.7K]

Answer:

$22,020

Explanation:

Given, (Before Adjustment)

Unearned Service Revenue $6,600

Service revenue $17,190

The adjusting entry to record the expired unearned revenue is

Debit     Unearned Service Revenue     $4,830

Credit          Service revenue                   $4,830

Therefore, the amount of Service Revenue Earned to be reported in the March income statement is as follows:

Service revenue before adjustments              =   $17,190

<u>Unearned Service Revenue earned in March =  $4,830 </u>

Service revenue after adjustment                 = $22,020

5 0
3 years ago
Which factor sets the ceiling on setting a​ product's price?
Lemur [1.5K]

Customer's perceptions set the price ceiling - if they see the price as too high they won't buy it, demand will fall, and so will the equilibrium price. Their perception on the fairness of the price will affect how high the price can go before losing sales.

7 0
3 years ago
In the business world, a _________________ is recognized as a legally acceptable way for any business to keep knowledge of its p
neonofarm [45]

Answer:

Trade secret

Explanation:

A trade secret refers to things like a process, formula or design that a company owns that have an economic value and provide a competitive advantage and that are known only by certain people inside the organization. According to this, the answer is that in the business world, a trade secret is recognized as a legally acceptable way for any business to keep knowledge of its particular methods of production from being known by competing firms because trade secrets refer to intellectual property that allows the organization to have a competitive advantage and they are maintained as a secret to avoid competing firms to copy its methods.

7 0
3 years ago
Real money demand curve in the space of R (Y-axis) and M/P: 3) _______ A) slopes upward because a fall in the interest rate rais
aniked [119]

Answer:

The correct answer is :

D) slopes downward because a fall in the interest rate raises the desired real money holdings of each household and firm in the economy.

Explanation:

Remember that the 3 main factors to determine it are: real national income, interest rate, and the price level. This concepts refers to an economic measurement for all finished goods and services produced in an economy.  It is the total amount of money exchanged for those ones at a specific price level.

6 0
3 years ago
8
Lelechka [254]

Based on the explanation below, the economic concept that is applied in this statement is positive externality.

<h3>Meaning of positive externality</h3>

Positive externality can be described as a situation whereby the production or consumption of a commodity benefits some unrelated third party.

When education is consumed, for example, the consumer receives a private benefit, but there are also societal benefits.

Learn more about externalities here: brainly.com/question/14259859.

#SPJ1

5 0
2 years ago
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