1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ket [755]
3 years ago
7

On April 1, Garcia Publishing Company received $32,580 from Otisco, Inc. for 36-month subscriptions to several different magazin

es. The company credited Unearned Fees for the amount received and the subscriptions started immediately. Assuming adjustments are only made at year-end, what is the adjusting entry that should be recorded by Garcia Publishing Company on December 31 of the first year
Business
1 answer:
Oksi-84 [34.3K]3 years ago
4 0

Answer: Debit Unearned Fees, $8,145; Credit Fees Earned, $8,145.

Explanation:

The $32,580 are for 36 months so the amount per month would need to be calculated.

= 32,580/36

= $905

The subscriptions were paid on the 1st of April which means that only 9 months (April to December) of the first year will have revenue recognized for them.

= 905 * 9

= $8,145

Correct entry would be to debit the Unearned fees account as it is a liability that needs to reduce to reflect that fees have now been recognized.

Credit the Fees Earned account to recognize revenue.

Debit Unearned Fees, $8,145; Credit Fees Earned, $8,145.

You might be interested in
A __________________________ policy will cause a greater share of income to be collected from those with high incomes than from
serious [3.7K]

Answer: Progressive tax policy

Explanation: In a progressive tax policy the rate of tax increases with the amount of taxable income, thus, making it possible to tax the people with higher income high tax and the lower section of the society a low level of tax.

The concept of progressive tax policy is based on the concept of ability to pay and not necessity to pay.

Thus, from the above we can conclude that right option is A.

4 0
3 years ago
Zahra's Decoratives produces and sells a decorative pillow for $97.50 per unit. In the first month of operation, 2,000 units wer
GalinKa [24]

Answer:

$38,675

Explanation:

sales price per pillow $97.50

total production 2,000 units

total sales 1,750 units

costs:

variable costs $22.10 per unit

fixed manufacturing $13.00 per unit

fixed administrative expenses $19.50 per unit

variable costing assigns only variable costs to inventory and COGS, so the COGS using variable costing = 1,750 units x $22.10 = $38,675

under variable costing, all fixed costs are period costs (fixed manufacturing and fixed administrative).

4 0
3 years ago
Which of the following is true of email?
Oliga [24]

Answer:D

Explanation:

7 0
2 years ago
Strategies developed at the departmental level, such as the accounting, human resources, production, and marketing departments,
mrs_skeptik [129]

Answer:

D. Functional Strategies

Explanation:

Functional Level Strategy is the strategy which is formulated in other  assist in the execution of corporate and business level strategies. These strategies are formulated based on the  guidelines given by the top level management.

The functional level management is concerned with tactical decision making i.e making decisions in the operational level of the organisation department which might include production, marketing, finance, human resource, research and development etc.

The functional level strategy is a day to day strategy that assist in achieving the broad aim of the organisation  

6 0
3 years ago
Geert Hofstede defines _____ as that component of our mental programming which we share with more of our compatriots as opposed
mylen [45]

Answer:

National Culture.

Explanation:

National Culture can be understood as a belief, customs, and traditions that are shared among the people of a sovereign nation. This may also include religious backgrounds and traditions, language and racial identity of the individuals. According to Geert Hofstede, National culture is very important while dealing with various cultural issues and processes. Therefore, he has identified national culture as the component of our mental programming, which we share with other citizens around the world. National culture acts as an identity proof as per one's nationality.

5 0
3 years ago
Other questions:
  • Within organizations, leaders are needed to ________ and managers are needed to ________.
    12·1 answer
  • Product mix width refers to the ________. A) number of versions offered for each product in the line B) ways in which the variou
    8·1 answer
  • Kaycom, Inc. reports the following information:
    7·1 answer
  • Which of the following would be considered a savings alternative?
    14·1 answer
  • Ruth Company showed the following balances at the end of its first year.
    6·1 answer
  • What is the purpose of Geert Hofstede’s Cultural Dimensions Theory? Review Later To explain why some cultures are not worth time
    8·1 answer
  • To influence performance and satisfaction of subordinates, it is not recommended that the leader reduce frustrating barriers to
    6·1 answer
  • 1. What is the "Term" for the Lease and Financing of a Car mean?
    5·1 answer
  • Stocks and bonds are traded in question content area bottom part 1
    15·1 answer
  • An organization looking for general agreement on ethical practices might take what step?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!