Answer: A. Debit to Unearned Consulting Fees for $1,200
Explanation:
Following the information given in the question, Vinfast Co. receives $3,600 cash from FPT Co. for consulting services to be provided evenly over the period November 1, 2021, to April 30, 2022.
Since we want to know the adjusting entry on December 31, 2021, a period form November 1, 2021 to December 31, 2021 is a period of two months out of the 6 months period. Therefore, the unearned consultancy fee will be:
= $3600 × 2/6
= $1200
Therefore, there'll be a debit to the unearned consulting Fees for $1,200. Also, there'll be a credit to the consulting fees earned account by $1200.
Answer:
Randa Merchandising, Inc.
1. Indication of where each of the following income-related items for this company appears on its 2017 income statement.
Income Statement
1. Net Sales
2. Cost of goods sold
3. Depreciation expense
4. Income taxes expense
5. Gain on state's condemnation of company property, net of tax
6. Gain on sale of wholesale business segment, net of tax
7. Loss from operating wholesale business segment, net of tax
8. Loss of assets from a meteor strike, net of tax
Explanation:
Randa's income statement is prepared using a step-by-step approach. It starts with the net sales from which the cost of goods sold is deducted to arrive at the gross profit. Thereafter, the operating expenses are deducted to obtain the operating income. Based on this, income taxes are computed before arriving at the operating income after taxes. And then, the extraordinary items are disclosed (net of taxes) before arriving at the net income.
Answer:
Garth is a "REVOLVER "
Explanation:
Garth is a "Revolver" type of credit user, because he doesn't pay up the monthly payments on his card in full and on time, instead he carries debts over to the other months by paying in monthly installments
Based on the type of credit user Garth is, when picking up a credit card Garth should consider going for credit cards with low interest rate/APR charges and a longer grace period as well.
Interviewer bias is probably affecting the data collection process; since the interviewer is "attractive" and African American, the students are probably only thinking about her and not other African Americans.
