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bija089 [108]
4 years ago
12

The Orange Lily Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $3,480 for six months o

f advertising. Orange Lily Law Firm recorded $3,480 in the Prepaid Advertising account. If Orange Lily Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for the two months ending February 28? Enter this value as a positive number.Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Safe Home has collected $3,710 from cash-paying customers. Safe Home's remaining customers owe the business $2,830. Safe Home recorded $3,710 of service revenue for the year. I had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?
Business
1 answer:
Molodets [167]4 years ago
5 0

Answer:

1. The Orange Lily Law Firm

Accrual Basis and Cash Basis:

For the two months, Orange Lily Law Firm would have entered $3,480 instead of recording only $1,160 ($3,480/6) x 2 in the Advertising Expense Account.

2. Safe Home

Accrual Basis and Cash Basis:

If Safe Home had used the Accrual Basis, it would recorded $6,540 ($3,710 + 2,830) as Service Revenue for the year, instead of recording only $3,710.

Explanation:

There are two methods of recording business transactions in accounting.  There is the cash basis.  This involves making records only in the period that cash flow (either inflow or outflow) takes place.

The accrual basis records business transactions as they occur in a period whether cash was received or paid or not.  The concentration of the accrual basis is to match the economic event to the period and not when actual cash event takes place..

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The court hearing the case may determine whether Lamont is a merchant by assessing whether Lamont:
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2. Is a person who deals in shoes.
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Before Lamont can be subjected to special business standard in court, it must be confirmed whether he is truly a business man as he claimed and the steps above are the ones that will be looked into to confirm his status as a business man.<span />
6 0
3 years ago
Data disposal laws require a. businesses to notify individuals who are affected by any incident that results in unauthorized acc
Darina [25.2K]

Answer:

b. businesses to destroy customer data and maintain reasonable security procedures to guard against theft.

Explanation:

A database management system (DBMS) can be defined as a collection of software applications that typically enables computer users to create, store, modify, retrieve and manage data or informations in a database. Generally, it allows computer users to efficiently retrieve and manage their data with an appropriate level of security.

A data dictionary can be defined as a centralized collection of information on a specific data such as attributes, names, fields and definitions that are being used in a computer database system.

In a data dictionary, data elements are combined into records, which are meaningful combinations of data elements that are included in data flows or retained in data stores.

This ultimately implies that, a data dictionary found in a computer database system typically contains the records about all the data elements (objects) such as data relationships with other elements, ownership, type, size, primary keys etc. This records are stored and communicated to other data when required or needed.

A law can be defined as the system of principles, regulations and rules established by legislature, that is adopted in a community, society or country to regulate the actions of its citizens, members or employees.

Thus, law is a tool used by the judiciary, lawyers, individuals, organizations, and even government to ensure everybody is well behaved, non-criminal and civil in their actions. Therefore, a law creates the foundation for ethical behavior and orderliness in a society.

Data disposal laws require businesses to destroy customer data and maintain reasonable security procedures to guard against theft. Thus, any customer data collected by a business firm should be protected securely and discarded when no longer in use.

4 0
3 years ago
13. Chef A and Chef B are discussing garlic. Chef A says adding peppercorns to garlic makes it easier to mash. Chef B says addin
Dvinal [7]

actually adding salt to gralic makes it easier to mash which chef b is correct

5 0
4 years ago
Read 2 more answers
When the price of a good or service is _________enough, it will encourage consumers to buy. However, the price also has to be __
asambeis [7]

Answer:

The correct words for the blank spaces are (<em>in that order</em>): low; high; opportunity; reservation.

Explanation:

For buyers and sellers to benefit from a transaction, the price of the goods or services offered must be at equilibrium. It implies the price is low enough for consumers to consider purchasing the product and high enough for producers to offer it earning a profit.

Besides, producers should consider their opportunity costs which are the costs of adding one more unit for production. On the other side of the road, consumers consumer their reservation price which is the maximum amount of money they could pay for a good or service based on the value they give to the product.

4 0
4 years ago
trade-oriented sales promotions are directed at . multiple choice question. customers that are unhappy with your brand and are c
Rudiy27

Trade-oriented sales promotions are directed at B. wholesalers, retailers, or distributors.

<h3>What are Trade-oriented sales promotions ?</h3>

Trade-oriented sales promotion programs are aimed at the company's dealer network to compel them to promote the company's brand more than competing brands. It is sometimes referred to as a "push strategy," and it is aimed at the dealer network in order to encourage them to promote the brand to customers by giving it precedence over competing products.

In order to encourage volume sales, it may take the form of a product display, an additional case for every five cases ordered, cash discounts or straight cash payments, or it may be used to support a price reduction for customers. This is why it is directed at wholesalers, retailers, or distributors.

Find out more on trade - oriented promotions at brainly.com/question/14293289

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6 0
1 year ago
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